Tap Oil Limited provided an update on the Manora oil development project in the Northern Gulf of Thailand (TAP 30% interest).

Mubadala Petroleum, the operator of the Manora joint venture, continues to advise that the project is on schedule for commencement of production in late Q3 2014 and that recent political events in Thailand have not had an impact on the project budget or schedule.

On 24 June, installation of the subsea work was completed, including the installation of the CALM Buoy, risers and connections to the subsea Pipeline End Manifold which was previously installed. Completion of the subsea installation work leaves installation of the topsides and arrival of the FSO as the final remaining facility scope. The most recent offshore activity was completed safely and within budget.

Mubadala Petroleum has advised that Phase 2 of the Offshore Installation program, the loadout and installation of the topsides, is scheduled to commence early July 2014 to accommodate lift vessel availability. Based on the early July 2014 load out schedule, the topsides are now expected to be in place in mid July 2014. The rig is expected to arrive in mid August to drill the two Manora development wells required for first oil production which remains on schedule for late in Q3, 2014.

Press Release, June 26, 2014