Tap Oil Spuds Takahe-1 Exploration Well

Tap Oil Limited advises that the Takahe-1 exploration well spudded on 23 August 2005 utilising the ODE Rig 19.

The Takahe-1 well is located onshore in the New Zealand Taranaki Basin Permit PEP38744 with a surface location of latitude 39°06' 37.216" S and longitude 174°09' 11.76" E.

As at 06:00 hours this morning, the well has drilled ahead to 137 metres measured depth and will continue to drill to a total depth of 1,600 metres true vertical depth.

Tap Comment
The Takahe-1 vertical exploration well will evaluate seismic amplitude anomalies at the Mt. Messenger level. The well is expected to take 10 days to reach total depth.