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Tap Oil has been awarded 30% interest in exploration permit PEP 38496 in the Offshore Taranaki Basin in New Zealand. PEP 38496 is around 500 square kilometers in area and located in the Offshore Taranaki Basin, immediately north of the Pohokura Gas Field.
PEP 38496 complements Tap's existing 3 offshore permits in New Zealand and has potential for significant hydrocarbon accumulations. The joint venture will immediately reprocess existing seismic data to delineate drillable prospects in this prospective offshore Taranaki Basin permit.
PEP 38496 Joint Venture participants are Tap (New Zealand) Pty Ltd as operator with 30% and Finder Exploration Pty Ltd with 70%.
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