Carnarvon Basin (North West Shelf, WA)

From inception Tap’s primary focus has been the Carnarvon Basin where the company is active in both the Harriet Joint Venture (HJV) and the Woollybutt Joint Venture (WJV). These projects provide Tap with 100% of its current production.

Exploration occurs in more than 20 permits including the exciting WA-351-P permit. WA-351-P has the potential to deliver 2-3TCF (gross) in the success case. Hess' continuing run of success (nine discoveries from eleven wells) in the adjacent WA-390-P immediately north of WA-351-P is testament to the potential of the area.

Tap also holds the WA-290-P permit (Tap 10% after farmout) immediately South of the Gorgon field. WA-290-P contains the Zola gas discovery drilled in 2010/2011.

In October 2010, Independent Expert RPS Energy Services Pty Ltd confirmed that the Zola-1 well delineated a mean Contingent Resource of 378 Bcf (range between 209 to 584 Bcf) and, in addition, indicates Prospective Resources of 2.3 Tcf (mean estimate) in the Greater Zola Structure.

NOTE: The Zola reserve and resource information is based on information compiled by Mr David Guise (Managing Director – Consulting) of RPS Australia Asia Pacific. Mr Guise is a registered Professional Engineer with over 30 years of domestic and international petroleum engineering and operating experience in both onshore and offshore environments. He has substantial experience and knowledge of field development planning, production optimisation and reserve estimation, as well as new venture identification and evaluation. Mr Guise holds a Diploma of Technology (Petroleum Technology) from the Southern Alberta Institute of Technology and a B.Sc. in Petroleum Engineering from the University of Wyoming. Mr Guise is not a full-time employee of the Company, and has consented to the inclusion of such information in this report in the form and context in which it appears.