Tap Oil Limited (ASX:TAP)provides the following final update of the Starfish-1 oil exploration well in the Offshore Accra Contract Area, Ghana. Participants include ASX listed Rialto Energy Ltd (ASX:RIA).

 

Location

The Starfish prospect is located in the Offshore Accra Contract Area in offshore Ghana along the prolific offshore West African Margin. The Starfish prospect was matured, along with several other prospects,

following reprocessing of the original 3D seismic data and the acquisition of the new 3D survey in 2011 over the outboard deep water area.

 

Final drilling update In the period

since 1400 hours (AWST) on 9 July 2013, wireline logging operations were completed and the well is being abandoned ahead of the rig being released. There will be no further weekly reports on the well.

Logs have confirmed the presence of a gross 230m sandstone interval in the primary target

interval although the logs show these to be water wet.

The secondary target contained poorly developed sands which were also water-bearing.

The Joint Venture will continue to evaluate all data from the well in order to re-assess the

overall block prospectivity ahead of the 23 September 2013 election date to enter into Phase-2. This will include further examination of what Tap considers to be possible evidence of residual oil in the secondary and primary targets. Any such evidence may provide further support for an active petroleum system in the block.

 

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