Tap Oil Drills Another Duster in New Zealand

Tap Oil reports that the Kakariki-1 exploration well is currently being plugged and abandoned having failed to find commercial quantities of hydrocarbons.

The Kakariki-1 well is located in PEP 38748 within the onshore Taranaki Basin.

The Kakariki-1 well intersected several zones of thinly bedded sandstones at the Mt Messenger and Moki Formation levels containing hydrocarbon shows, specifically gas shows and minor oil shows. However, logs indicate that these shows are not commercial and that no hydrocarbon columns are present. The well is currently being plugged and abandoned.

Tap's next well in the current onshore Taranaki program, Takahe-1, is being planned for mid April. The last well in the program will be Supplejack-1 which is scheduled for Q2 2005.

PEP 38748 Joint Venture Participants are Tap (New Zealand) Pty Ltd (Operator) 50.00%; Magellan Petroleum (NZ) Ltd 25.00%; Austral-Pacific Energy (NZ) Ltd 25.00%