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Under the agreement, Tap will participate in the drilling of the Jacala-1 exploration well, earning 25% equity by contributing to the cost of the well inclusive of a farm-in promote amount.
Jacala-1 is north-west of Woodside's Enfield oil field and west of Woollybutt. Located in around 400m of water, it is targeting a sizeable structure interpreted on seismic in Barrow aged Sandstones at a depth of about 2,200 metres sub sea.
"If successful, the structure has the potential to contain a very large oil accumulation with the risks interpreted as being reservoir quality and oil charge," Tap said.
"Seismic data does not indicate the presence of gas."
The well is expected to be drilled in the third quarter of 2005 with a drilling slot scheduled on the Atwood Eagle drilling unit.
WA-351-P joint venture participants are BHP Billiton Petroleum Limited (operator) 75% and Tap Oil (earning) 25%.
