Tap Oil Planning 6 Wells in Taranaki Basin for 2004

Tap Oil Ltd is planning a major drilling program for its onshore Taranaki acreage this year. Managing director Paul Underwood told the company's annual meeting that up to six onshore wells should be drilled in onshore Taranaki this year.

The company is now a participant in nine New Zealand exploration permits, eight in onshore Taranaki and one in offshore Canterbury. Three of the Taranaki permits are operated by Tap with large equities of between 25% and 50%.

The Honeysuckle-1 well to be drilled soon in PEP 38741 (of which Austral Pacific Energy is operator) and will have Tap as a 50% partner. Tap will have a similar interest in the next well to be drilled Miromiro-1 well in PEP 38765.

This will be followed by the first of two wells in the Tap-operated (again 50% Tap interest) PEP 38748 into the Kakariki and Hihi prospects. The company would also participate in another well Supplejack-1 in PEP 38741. Another well could also be drilled after this series in PEP 38744.

Tap has progressed work on its large Galleon South prospect in PEP 38259 in the offshore Canterbury Basin. The company aims to drill this well at the first opportunity.

Tap says the prospect has the potential to contain 1.2 tcf of gas and 240 million barrels of condensate.

Tap and AWE New Zealand Ltd share a 50% interest in the Canterbury permit which is operated by Tap.