Manora Exploration Potential
Thursday 26 July 2018
Tap Oil Limited recently engaged Perth based consulting group Discover Geoscience (Discover) to undertake an evaluation of the area surrounding the Manora Oil Field within the G1/48 concession, with a particular focus on identifying new exploration opportunities.
This engagement with Discover is part of a strategic initiative by Tap Oil to encourage new exploration and development activity in and around the Manora Oil Field to ensure the potential of the field and surrounding acreage is fully exploited. The existing Manora Oil Field infrastructure allows for discoveries within ~5km of the platform to be brought online for production within 2-3 weeks of drilling.
Due to the low cost of drilling and completion (~US$3.6 million per well gross or ~US$1.1 million per well net), the profit margin on new barrels from the Manora Oil Field is greater than US$35/bbl at current spot prices. The relatively low cost of drilling and development of identified prospects, and potential for high margin barrels make the identified prospects a compelling drilling opportunity.