Tap Oil Spuds Cutter-1 Exploration Well

Tap Oil reports that drilling operations at the Cutter-1 exploration well commenced on October 9, 2006. Cutter-1 is located in PEP 38259, with a surface location approximately 23km offshore east of Oamaru, New Zealand in 63 meters of water. Cutter-1 will be drilled as a vertical well to a target depth of approximately 3,000m.

The Cutter-1 well is designed to explore for hydrocarbons within the Shag Point Formation. The well is expected to take approximately 30 days to reach the proposed total vertical depth. The well is being drilled by Diamond Offshore's semisub, Ocean Patriot.

Participants in the well are Tap Oil as operator with 40%; AWE New Zealand with 25%; Beach Petroleum with 20% and Anzon with 15%.

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