UPDATE 1-Tap Oil suspends output at 5,000 bpd field

Wed Jan 9, 2008 11:44pm EST
 
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SYDNEY, Jan 10 (Reuters) - Australian junior oil and gas producer Tap Oil Ltd (TAP.AX) said on Thursday that production at its approximate 5,000 barrels per day Woollybutt oil field off Western Australia has been temporarily suspended.

Production at the Woollybutt field has been shut down due to unplanned maintenance on the floating production storage and offloading (FPSO) vessel, Tap Oil said in a statement.

Tap Oil said production was expected to resume in late January once maintenance activities were completed.

The disruption would not affect the tie-back of the Woollybutt-4H well, which remains on track to be linked back to the main Woollybutt field facilities by May to increase production to over 12,000 bpd, Tap Oil said.

Eni Australia, a unit of Italian oil company Eni (ENI.MI), is the operator of the field and holds a 65 percent stake in the venture. Mobil Australia holds a 20 percent stake, while Tap Oil has 15 percent.

Shares in Tap Oil were up 1.3 percent at A$1.93 by 0432 GMT, compared with a 0.2 percent decline in the broader S&P/ASX 200 index .AXJO. (Reporting by Fayen Wong)

 

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