Tap Oil said that the Kan Tan IV semi-submersible drilling rig has begun the drilling of the Craigow-1 well in T/47P permit, offshore Bass Basin in Australia.
The Craigow prospect is an anticlinal trap defined on 3D seismic data, in a good location for both reservoir quality and oil charge, according to the company.
Craigow is estimated to contain mean recoverable oil volumes of 28 million barrels with upside potential for 50 million barrels.
A number of follow up prospects have also been defined on 3D seismic with total potential of over 100 million barrels of recoverable oil in the permit.
Craigow-1 is planned to take approximately 19 days in total, and the final total depth will be around 1,826m measured depth.
Tap Oil managing director Troy Hayden said that success at Craigow, being an oil target, could be a lucrative development for Tap.
"In addition, this would confirm the current geological model and pave the way for the drilling of the Tolpuddle and Glenbothy prospects in the future," Hayden said.