Tap Oil Limited ABN 89 068 572 341

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 March 2007

The Company Announcements Platform Australian Stock Exchange Exchange Centre 20 Bond Street SYDNEY NSW 2000

TAP ACQUIRES INTEREST IN WA-191-P ADJACENT TO AMULET DISCOVERY

Tap Oil Limited ("Tap") advises that it has entered into an agreement with Woodside Energy Ltd to acquire its 8.2% interest in exploration permit WA-191-P in the Carnaryon Basin.

Location:

WA-191-P is located in the proven Carnarvon Basin between Tap's WA-8-L (which contains the recent Amulet discovery) and the Exeter-Mutineer oil development. WA-191-P contains numerous prospects and leads with the most important for Tap being the Totem prospect, which is located 4 kilometres North East of the Amulet field and has been approved for drilling by the joint venture. Refer attached location map.

Tap Comment:

The successful acquisition of this interest in WA-191-P enhances the potential for the commercialization of the Amulet discovery. A discovery at Totem could be developed in combination with the Amulet field. The Totem-1 well is anticipated to be drilled in the second quarter of 2007. In addition, a second promising exploration well, Fletcher-1, is anticipated around the middle of 2007.

WA-191-P Joint Venture Participants:

LEVEL 1, 47 COLIN STREET WEST PERTH WA 6005 AUSTRALIA

PO BOX 1783 WEST PERTH WA 6872

+61 8 9485 1000 TEL. +61 8 9485 1060 FAX Email [email protected] www.tapoil.com.au

WA-191-P LOCATION MAP