Tap will earn a 50% interest in these permits by contributing to the cost (on a promote basis) of drilling an exploration well to evaluate the Tawatawa prospect.
Tap will operate the well and the permit and is in the process of planning the well for drilling as early as September 2004 using the Ocean Patriot rig, subject to the necessary approvals being granted.
The Tawatawa prospect is a four way dip closure located approximately 20 kilometers offshore. The prospect has a mapped closure of up to 40 km2 and hence has the potential to contain a significant oil and/or gas resource. The well is planned to be drilled to a depth of approximately 1,500 meters.
Tap now has participating interests in eleven Exploration Permits and one Production License in New Zealand. Tap operates six of these permits and is planning to participate in the drilling of around seven wells in New Zealand over the course of Calendar 2004.
Tap is pleased to have concluded this agreement with Energy Corporation of America and looks forward to the drilling of the well as soon as possible.
PEP 38333 and 38340 Participants are West 100%; Tap earning a 50% stake.
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