Tap Oil Drills Duster with Miromiro-1 in New Zealand

Tap Oil has completed drilling the Miromiro-1 exploration well located in PEP 38765 within the onshore Taranaki Basin.

Miromiro-1 has been drilled to total depth of 1,884 meters measured depth. Reservoir quality sandstones with trace oil shows were intersected within both the Mt Messenger Formation and Moki Formation which electric logs have confirmed to be water-bearing. The well will now be plugged and abandoned as a dry hole.

The Miromiro-1 well is the second in Tap's current drilling program comprising of 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 by early 2005. The next well will be Hursthouse 1 and this is expected to spud around December 26, 2004.

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%; TAG Oil (NZ) Ltd 10.00%