TAG's President and CEO, Drew Cadenhead, commented, "We're happy to be awarded these two key permits. Both permits are located in the heart of the production fairway in Taranaki, in particular, PEP 38757 is located between the Waihapa gas/condensate pool and the newly discovered Cheal oil pool. TAG has already begun a 3-D seismic program on this permit to delineate drillable prospects from existing leads."
TAG has also entered into a farmin agreement with Denver-based Bridge Petroleum Limited. TAG will earn a 12.5% participating interest in a 1510-acre Area of Mutual Interest ("AMI") comprising a portion of PEP 38745 and a portion of PEP 38732, both located onshore in the Taranaki Basin, New Zealand. Partners in the AMI are Bridge Petroleum Limited (12.5%), Tap (New Zealand) Pty Ltd (25%), and Westech Energy New Zealand Limited (50%). The AMI partners will begin drilling a directional exploration well; Hursthouse-1, targeting 2 separate 3-D seismic defined Miocene targets approximately December 25th, 2004. The well is scheduled to take 12 days to reach total measured depth of 1595m (1524m true vertical depth). TAG president Drew Cadenhead commented, "We're excited about participating in the Hursthouse-1 exploration well. The location is very near existing production from these Miocene targets and the AMI includes a number of follow up locations given success."
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