Tap Oil Sidetracks Hihi-1 Exploration Well

Tap Oil reports that the Hihi-1 well has been drilled to total depth of 1,936 meters measured depth ("MD"). Hydrocarbon shows were recorded in a secondary objective at a depth of 1,613 meters within a sandstone interval. From seismic data, these sandstones are interpreted to extend updip and hence a sidetrack operation has commenced to evaluate the significance of the shows.

Preparations have commenced to sidetrack the well to an interpreted updip location 640 meters to the northeast. It is anticipated that the sidetrack will take 10 days to complete drilling.

The Hihi-1 well is located in PEP 38748 in the onshore Tranaki Basin in New Zealand.

PEP 38748 joint venture participants are Tap Oil as operator with 50%. Magellan Petroleum with 25% and Austral Pacific Energy with 25%.