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SANTOS LIMITED Capital/Financing Update 2003
65872_rns_2003-08-26_071d3640-bffc-4811-beb0-714e3344400c.pdf
Capital/Financing Update
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Tan Oil Limited ABN 88 080 572 341 LEVEL 1, 47 COLIN STREET WEST PERTH WA 6005 AUSTRALIA
PO BOX 1783 WEST PERTH WA 6872
TEL+61 8 9485 1000 FAX+61 8 9485 1060 Email [email protected] www.tapoil.com.au
27 August 2003
The Company Announcements Platform Australian Stock Exchange Exchange Centre 20 Bond Street SYDNEY NSW 2000
HYSSOP-1 EXPLORATION WELL UPDATE
In accordance with Listing Rule 3.1, Tap Oil Limited ("Tap") provides an update on the Hyssop-1 exploration well which spudded on 25 August 2003.
Location
The well is located in TP/7, 30 kilometres east-northeast of Airlie Island at latitude 21°13'58.98"S and longitude 115°26'30.41"E.
Progress
As at 6:00am today, the Hyssop-1 well has drilled to a depth of 756 metres measured depth. No commercial hydrocarbons were encountered and the well will now be plugged and abandoned.
Tap Comment
The Ensco-53 drilling rig will next be mobilized to drill the Mosman-1 well also in TP/7.
Participants in the TP/7 permit are:
| Tap (Shelfal) Pty Ltd | 12.474% |
|---|---|
| Apache Oil Australia Pty Ltd | 39.658% |
| Pan Pacific Petroleum (SA) Pty Ltd | 4.157% |
| Santos (BOL) Pty Ltd (Operator) | 43.711% |
| Participants in the Hyssop-I well: | |
| Apache Oil Australia Pty Ltd (Operator) | $90.00%$ |
| Pan Pacific Petroleum NL | $10.00%$ |