OPERATIONS

Tap probing drop in Woollybutt output

TAP Oil has downgraded its remaining reserves for the Woollybutt oil field, off Western Australia, after the productivity of the wells since production resumed in March has been less than forecast.

Marija Stojkovic

In the company's quarterly report, Tap said it decided to recognise a net reserves reduction of 330,000 barrels to 770,000bbl at June 30, 2010 as the productivity of the wells was less than anticipated....

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