Tap Oil Says Hursthouse-1 a Duster

The Hursthouse-1 well located in PEP 38745 in New Zealand in the onshore Taranaki Basin has been directionally drilled to a total depth of 1,818 meters measured depth. While reservoir quality sandstones with minor oil shows were intersected within both the Mt Messenger Formation and Moki Formation, electric logs have confirmed these sands to be water-bearing. Consequently the well has been plugged and abandoned as a dry hole.

The Hursthouse-1 well was the third in Tap's current drilling program comprising of five wells in the onshore Taranaki Basin. The preparation for drilling of the remaining two wells, Kakariki-1 and Takahe-1 is continuing. The next well will be Kakariki-1and this is expected to spud in early February.

PEP 38745 Joint Venture participants are Bridge Petroleum as operator with 12.5%; Tap Oil with 25%; Westech Energy with 50%; and Tag Oil with 12.50%.