Tap Oil Spuds Miromiro-1 Exploration Well

Tap Oil reports that the Miromiro-1 exploration well spudded on December 12, 2004. The well is located in PEP 38765 within the onshore Taranaki Basin.

Miromiro-1 will drill to a total depth of 1,884 meters, targeting oil plays within both the Mt Messenger Formation and Moki Formation sandstones. It is anticipated the well will take 12 days to complete.

The Miromiro-1 well is the second in Tap's current drilling program comprising of up to 5 wells in the onshore Taranaki Basin. The drilling of the remaining three wells, Hursthouse-1, Takahe-1, and Kakariki-1, is anticipated to be completed in early 2005.

PEP 38765 Joint Venture Participants are Tap (New Zealand) Pty Ltd (Operator) 50.00%; Austral Pacific Energy (NZ) Ltd 27.50%; Magellan Petroleum (NZ) Ltd 12.50%; and TAG Oil (NZ) Ltd 10.00%.