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Saturday, September 22, 2007

Australia's TAP Oil in Brunei

I saw this on Reuters. I know about this a lot earlier obviously. But what gets me is that it took this long for Block M to be started since the award of the first operatorship. I do hope that TAP Oil will be able to do it soon. Their track record is amazing and they only have a handful of people to generate lots and lots of revenue. That's something our companies should emulate. And TAP Oil always reminds me of our own TAP. I hope no one confused the two when TAP Oil operates in Brunei son.

UPDATE 1-Tap Oil says gets 40 pct stake in Brunei field
Fri Sep 21, 2007 6:40am BST

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SYDNEY, Sept 21 (Reuters) - Australian oil and gas explorer Tap Oil Ltd (TAP.AX: Quote, Profile, Research) said on Friday it has been awarded a 40 percent stake and operatorship of a block of an onshore oil and gas field in Brunei.

The block has reserves of between 10-50 million barrels of oil and in excess of several hundred billion cubic feet of gas, Tap Oil said in a statement.

The Perth-based company said the block covers an area of about 3,100 square kilometres and is located in the oil-rich Baram Delta province of the sultanate of Brunei.

Tap Oil, which has a market value of about A$305 million, said it was committed to investing about A$20 million ($17.26 million) over the next five years to appraise existing discoveries and exploration.

Shares in Tap Oil, which also has exploration interests in Australia and New Zealand, were up 3.2 percent at A$1.95 by 0533 GMT. ($1=A$1.16)

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