The Perth-based mid-cap attributed the higher revenue for the three months to June 30 to “continued oil price strength.”
Managing director Paul Underwood said Tap’s producing assets at the Harriet and Woollybutt, in northwest Australia, had continued to perform well and the company had several upcoming high-impact wells to be drilled.
“This quarter we have seen successful steps in Tap’s new strategic direction, reaching a significant milestone in SC-41 in the Philippines by acquiring the large 3D seismic survey and by the appointment of high calibre candidates to key management positions,” he said.
Tap achieved 225,268 barrels of oil and 1081 petajoules of gas in net production from the Harriet and Woollybutt assets.
Development drilling at the Woollybutt South oil field is scheduled to begin in September, with first oil expected in 2008. Tap predicted this development work would double production at the field to about 14,000 barrels of oil per day.
In the Philippines, Tap expects to delineate multiple low-risk prospects 50-150 million barrels in size from the recently completed 3D seismic survey on its SC-41 service contract in the Sandakan Basin.
