Tap Oil Spuds Tawatawa-1 Offshore New Zealand

Tap Oil reports that the Tawatawa-1 exploration well was spudded earlier this week. The well is located in PEP 38333, 20 kilometers south-southeast of Cape Turnagain offshore New Zealand.

The Tawatawa-1 well is currently drilling ahead and is expected to take around 12 days to reach a target depth of around 1500 meters.

The Tawatawa Prospect is a four way dip anticline with seismic modeling and interpretation indicating a number of direct hydrocarbon indicators (DHI's) within turbidite fan sands. Oil and gas shows have been seen in previously drilled wells in the basin and seeps of oil and gas are well documented onshore.

PEP 38333 Joint Venture participants are Tap Oil as operator with 35%; Westech Energy with 50% and Clair Energy with the remaining 15%.