Tap Oil Awarded Blocks in Taranaki Basin

Tap Oil has been awarded two new exploration permits (PEP 38765 "M" and PEP 38766 "N") within the onshore Taranaki Basin of New Zealand. Tap will be Operator with 50% equity in each of the permits.

These permits are contiguous with existing permits already held. The PEP 38765 permit is covered by the Kaimata 3D seismic survey recorded by Tap and its joint venture participants in 2003. Tap is now a participant in nine permits (four of which are operated by Tap) within onshore Taranaki, with equities of between 25% and 50%.

The approved work program comprises of the drilling of a well in 2004 and 2005 which is consistent with Tap's drilling program already in planning based on the encouraging interpretation of the recently acquired Kaimata 3D seismic survey.