Tap Oil Ltd., Perth, reported a success with its Manora-8ST1 appraisal well offshore Gulf of Thailand while continuing to stave off a takeover of the company by Singapore company Risco Energy Invesments (SEA) Ltd.
Tap Oil, which has a 30% interest in the Manora development, said the latest appraisal well encountered multiple oil-bearing zones that petrophysical interpretation of well logs showed to comprise a combined total net pay of 307 ft. This includes an 86-ft pay zone in the main objective 490-60 sands and oil discoveries in the 300 and 500 series sands.
Other 400 sands encountered 7 ft of pay, while five sands at the 300 level encountered 106 ft of pay and three sands at the 500 level encountered 108 ft of pay.
Tap Oil reported that the finds were in zones of good porosity, pressure, and permeability, similar to the characteristics found in other Manora wells at the same levels. The 300 and 500 sands are considered to be new contingent resources in Manora field and will be incorporated in an updated reserves and resources statement to be issued shortly.
The primary objective of Manora-8ST1 was to appraise the multiple reservoir zones updip from Manora-18 in the field’s eastern fault block, including delineation of the 490-60 sands found in MNA-18.
The well has now been abandoned and the rig will move to the Manora platform to begin a two-well development drilling program—MNA-20 and MNA-21.
The good results from the 500 sands are expected to be developed by the new MNA-20 platform well.
Operator of the Manora program is Mubadala Petroleum of Abu Dhabi with 60% interest. Northern Gulf Petroleum has the remaining 10% interest.
Tap Oil is hoping the good results in the Manora appraisal program so far will help fend off the Risco takeover offer of 7¢ (Aus.)/share for all the shares in Tap Oil that Risco does not own, valuing Tap Oil at $30 million (Aus.). The company is already a 25% shareholder in Tap Oil.
Tap has advised shareholders to take no action as new information will be released prior to the close of Risco’s bid in early July. The new information will include initial results from the Manora program, including results from the Manora-8 and Manora-8ST1 wells, plus an independent expert’s report evaluating whether the Risco offer is fair and reasonable.
