Rig: Noble Tom Prosser

WA-320-P DRIFTWOOD-1 FINAL DRILLING UPDATE

Tap Oil Limited (ASX:TAP) provides the following update on the WA-320-P permit in which it holds a 9.778% participating interest. The WA-320-P permit is located in the Carnarvon Basin, offshore Western Australia and the Driftwood-1 commitment well is located in WA-320-P in the Barrow sub-basin of the Northern Carnarvon Basin, approximately 1km north of the Rosily-1A exploration well which had minor oil shows. The well was spudded at 13:00 hrs WST on 1 August 2016 with the Noble Tom Prosser jackup drilling rig in 100.8 metres of water and was drilled to a final total depth of 2,111 metres measured depth at 14:20 hrs on 12 August 2016. The well objective was to test the Early Cretaceous sandstones of the Mardie Greensand Member, Birdrong Member and Zeepaard Formation in a low-relief, northeast-southwest trending four-way dip closure. The well intersected all of the drilling objectives, however all were water wet. There were no hydrocarbon shows intersected in the primary and secondary targets, elevated gas readings were noted from 2,055 metres measured depth to total depth of the well. The plan for the next 24 hrs is to recover the 30 inch surface conductor and to release the rig the afternoon of 16 August 2016.

Roc-2 well commences drilling

Carnarvon Petroleum Limited (“Carnarvon”) (ASX:CVN) is pleased to report that the operator of the Roc-2 well, Quadrant Energy, has advised that the well commenced drilling on 9 July 2016. The main aims of the Roc-2 well are to appraise the Roc gas-condensate discovery in the Caley section that Carnarvon announced on 4 January 2016, to progress towards proving a volume above the minimum economic field size and to establish potential flow rates for future development planning. Secondary objectives for the well are to explore the hydrocarbon potential of the deeper Milne member, where encouraging hydrocarbon shows were observed during the final phase of drilling the Roc-1 well, and the shallower Huxley member, where oil shows were encountered at Roc-1. The Roc-2 well will be drilled in around 100m water depth, approximately 160 km north-east of Port Hedland in the Bedout sub-basin of the greater Roebuck basin (figures 1 and 2). The well will take approximately 60 days to drill down to a total depth of around 5,250 metres, including the cutting of 120 metres of core, before the evaluation program is undertaken. The evaluation, including wireline logging and flow testing, is expected to extend over a further 40 days.

Outtrim East-1 well update

Carnarvon Petroleum Limited (“Carnarvon”) (ASX:CVN) provides the following update on drilling operations as advised by the operator of the Outtrim East-1 well, Quadrant Energy. The well has reached the 12-1/4” hole section TD at a depth of 1,011m. Carnarvon notes that the first casing string was set shallower than expected due to drilling challenges in the shallow-hole section of the well around 400m, which had resulted in a delay of approximately 10 days. The well has successfully drilled through this challenging section. The well is currently rigging up to run the 9-5/8” casing liner at section TD of 1,011m. After the 9-5/8” casing liner has been cemented, drilling will continue to the expected oil zone where 90m of conventional coring will take place. After obtaining the core, the final section of the well will be drilled to a Total Depth (TD) of 1,440m. The expected cost to Carnarvon for the well is expected to be approximately $10.5m. The Outtrim East-1 well is located within the WA-155-P(1) exploration permit in the North West Shelf of Australia.

http://www.tapoil.com.au/irm/PDF/2336/WA320PCommitmentWellDriftwood1

Tap Oil Limited (ASX:TAP) provides the following update on the WA-320-P permit in which it holds a 9.778% participating interest. The WA-320-P permit is located in the Carnarvon Basin, offshore Western Australia. As previously announced in the March 2016 quarterly (ASX release 30 April 2016) a commitment well is due in WA-320-P by the fourth quarter 2016. After extensive technical evaluation and engagement with the regulator, Quadrant Energy (formerly Apache), Operator of the WA-320-P permit, has recommended the Driftwood-1 well as the year 3 commitment well in WA-320-P, replacing the previously proposed Palmerston-1 well. The Driftwood-1 commitment well has an expected total well cost of A$15.47 million (gross), substantially lower than the estimated cost for Palmerston-1 of A$98.2 million. Tap has a 5% carry on the commitment well in WA-320-P of up to US$3.5 million (up to a total well cost of US$70 million) from JX Nippon Oil and Gas Exploration (Australia) Pty Ltd. The Driftwood-1 commitment well is located in WA-320-P in the Barrow sub-basin of the Northern Carnarvon Basin, offshore Western Australia, approximately 1km north of the Rosily-1A exploration well which had minor oil shows. Quadrant Energy has advised that the Noble Tom Prosser jackup drilling rig is expected to commence drilling the Driftwood-1 commitment well on 1 August 2016. The well objective is to test the Early Cretaceous sandstones of the Mardie Greensand Member, Birdrong Member and Zeepaard Formation in a low-relief, northeast-southwest trending four-way dip closure. A further update will be provided when drilling commences.

Roc-1 well update

Carnarvon Petroleum Limited is pleased to advise that the operator of the Roc-1 well, Quadrant Energy has advised that the well spud on 24 November 2015. Drilling is expected to take approximately 35 to 40 days trouble free to reach Total Depth of 4,700m.

Roc-1 well update

Carnarvon Petroleum Limited (“Carnarvon”) (ASX:CVN) is pleased to advise that the operator of the Roc-1 well, Quadrant Energy has now received the Noble Tom Prosser drilling rig. The rig will mobilise to the Roc-1 well site in WA-437-P and prepare for spud around 17 November 2015. The Roc-1 well will target the same Lower Keraudren reservoir in which oil was discovered in the 2014 Phoenix South-1 well by the same joint venture partners in the adjoining WA-435-P. Contingent on the success case, the plan is to re-enter the Roc-1 well bore in Q3, 2016 for comprehensive testing (including flow testing) and coring.

'Noble Tom Prosser' enroute to Australia for drilling contract

Carnarvon Petroleum Limited (“Carnarvon”) has provided the following update regarding the upcoming drilling of the Roc-1 well in WA-437-P. Quadrant Energy, the operator of WA-437-P contracted the Noble Tom Prosser (“Tom Prosser”) jackup drilling rig to drill the Roc-1 well and on the 11th September 2015, the Tom Prosser began its voyage from Singapore on route to Australia and is expected to arrive in Dampier between 19th and 21st September 2015. The rig will drill a well for Vermillion Energy at the Wandoo oil field before commencing Roc-1 drilling operations. At this time, the best estimate for the commencement of the Roc-1 well is early to mid-November 2015 and the well is estimated to take around 50 to 60 days to complete