Feb. 2013 - Tap Oil released its gross volumetric recoverable gas resource estimate for the WA-351-P portion of the Tallaganda structure. Tallaganda straddles permits WA-351-P and WA-335-P. Tap's results are based on its review of license operator BHP Billiton's preliminary volumetric assessment. The area is estimated to hold 500 Bcf of gas which includes 222 Bcf of P50 contingent resources and 278 Bcf of P50 prospective resources. Tap maintains a 20% interest in the permit.

Apr. 2012 - BHP Billiton has made a gas discovery in the Tallaganda-1 well, located in permit WA-351-P, of the Carnarvon Basin, Western Australia. The well reached a total depth of 14,321 feet (4,365 meters) in a water depth of 3,743 feet (1,141 meters). Preliminary analysis of the wire line log data and the recovery of gas from wire line sampling have confirmed a gas discovery was made in the Mungaroo formation. The preliminary interpretation of well results confirms that Mungaroo reservoir quality over the gas-bearing interval penetrated in the well is variable at this location on the Greater Tallaganda structure. Further analysis is required to assess the commercial viability of the project.

Mar. 2012 - BHP Billiton has commenced drilling the Tallaganda-1 well at permit WA-351-P offshore Australia. The operator is using the Atwood Eagle (DW semisub) to drill the well. The prospect will test the gas potential of sandstones in the prolific Triassic age, Mungaroo formation, in a well defined horst block as imaged by high quality modern 3D seismic data. The well will be drilled vertically in a water depth of 3,743 feet (1,141 meters) and is expected to take 37 days to drill with a projected total depth of 13,944 feet (4,250 meters).

Dec. 2011 - The WA-351-P joint venture has approved the budget to drill the Tallaganda-1 well in the block. The operator, BHP Billiton, has secured the Atwood Eagle semisub to drill the well and expects to commence well operations at Tallaganda-1 in the first quarter of 2012. The Tallaganda-1 prospect straddles both the WA-351-P and WA-335-P permits and will test the gas potential of sandstones in the prolific Triassic age, Mungaroo formation, in a well defined horst block.

Jun. 2011 - BHP Billiton Petroleum will acquire an extra 25% stake in Block WA-351-P in the Carnarvon Basin from Tap Oil, ending the company's deal to sell the stake to Japan Australia LNG (MIMI). BHP Billiton wishes to exercise its right of pre-emption to acquire the 25% interest in the permit on the same terms and conditions as agreed upon with MIMI. The sale will allow BHP to increase its interest to 80% while Tap Oil's will reduce from 45% to 20%. Under the agreement, BHP will pay $30.1 million for the stake, as well as paying Tap's 20% share of the next exploration well (Tallaganda prospect) in the permit up to a cap of $10 million. Exploratory drilling is planned for the first half of 2012.

May. 2011 - Tap Oil Limited has agreed to sell to Japan Australia LNG (MMI) a 25% interest in the WA-351-P exploration permit in Western Australia's Carnarvon Basin. Under the agreement, MIMI will acquire a 25% participating interest for US $30.2 million, and will pay Tap's 20% share of the next exploration well in the permit, up to a cap of $10 million. Tap will reduce its interest from 45% to 20%. BHP Billiton Petroleum will retain a 55% interest and remain as operator.

Jan. 2011 - Roc Oil has agreed to sell its 20% interest in WA-351-P in the Carnarvon Basin offshore Western Australia to Woodside Energy. Roc is selling the permit for US $15.75 million, which is subject to working capital adjustments and normal industry terms and conditions, including the receipt of joint venture and relevant government approvals. Additionally, Tap Oil subsidiary Tap (Shelfal), an existing joint venture party, said it would exercise its rights of pre-emption on the same terms and conditions as the sale to Woodside.