The permit is located in the offshore Carnarvon Basin. The partners will be Tap Oil Limited 25%,

OMV Australia 50% and Nippon Oil Exploration (Australia) Pty Ltd 25.00%

This permit is contiguous with the producing Woollybutt Oil Field permits in which Tap has a 15% interest.

The new permit is also adjacent to permits WA-320-P and WA-290-P in which Tap will earn a 25% interest by participating in the drilling of two wells (Maier-1 and Lauda-1) in March 2005.

Maier-1 and Lauda-1 are prospects occurring in a similar geological setting as the Woollybutt Oil Field, acccording to Tap. They are scheduled to be drilled using the Sedco 703 drilling rig once it has completed the Scalybutt-1H horizontal production well in the northern lobe of the Woollybutt field.

The new permit, W04-13 is partially covered by 3D seismic data and is considered by Tap to be very prospective with several prospects similar to the Woollybutt field already mapped.

The initial work program comprises the drilling of one well in 2006, but this could be brought forward to late 2005, acccording to Tap.

"The addition of this permit provides Tap with substantial coverage of the Woollybutt trend," the company said.

"In light of the recent success at Woollybutt-4, this new permit is a timely acquisition of acreage in this area."