Tap Oil Says Richmond-1 in New Zealand Non-Commercial

Tap Oil says the Richmond-1 exploration well located in PEP 38745 in the Taranaki Basin, onshore North Island, New Zealand reached the planned total depth of 2,140m. Wireline logs have been run identifying well developed sandstones at the Mt Messenger and Moki levels, however no economic hydrocarbons were encountered.

The Richmond-1 well came in close to prognosis and elevated gas at the primary target horizon was noted. It is likely that the trap was breached. The well will be plugged and abandoned.

PEP 38745 Joint Venture participants are Tap Oil with 33.333%; Bridge Petroleum with 33.334% and Tag Oil with 33.333%.