TAP Oil reached FID on Manora Oil Field development in the Gulf of Thailand

Tap Oil Limited (Tap) is pleased to announce that the Final Investment Decision has been reached on the Manora Oil Development, located in the Gulf of Thailand.

Tap now holds a 30% direct interest in Concession G1/48 through its subsidiary Tap Energy (Thailand) Pty Ltd, which includes the Manora oil field, with Pearl Oil (Amata) Ltd, a Mubadala Petroleum affiliate, as operator.

The total project cost is estimated at US$2461-M, US$74-M Tap direct interest plus US$13-M carry of Northern Gulf Petroleum Pte Ltd (NGP).

With 2P reserves of 20.2-M bbls (6.1-M bbls net to Tap), Tap expects ultimate recovery from
the Manora Oil Development of 31.1-M bbls gross (9.3-M bbls net to Tap).

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The development is expected to deliver first production from Manora in early Y 2014, ramping up to
an estimated peak rate of 15,000 BPD from 10 production wells and 10 injection wells.

Manora is a low-risk development and the operator has extensive experience in this type of development in Thailand through the successful Jasmine project.
Concession G1/48 also holds significant near-term exploration opportunities. With interpretation of the recently acquired 3-D seismic now complete, an inventory of prospects is currently being finalized. Drilling is expected to commence in 2-H of Y 2012 with the drill rig already secured for the program. Tap¡¦s Managing Director/CEO, Troy Hayden said:

The announcement on Manora is a milestone event in Tap¡¦s development. Manora is expected to generate significant future cash flow and will remain as a Key focus for Tap over the development phase. The drilling program at G1/48 provides exploration upside, with the potential to further consolidate our position in Thailand.

Paul A. Ebeling, Jnr.

Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.

Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.