Tap Oil Finds Gas in Cutter-1's Shallower Sandstones

Tap Oil Says the Cutter-1 exploration well, located in PEP 38259 offshore New Zealand, has reached its planned total depth and wireline logging is currently underway.

The primary objective Shag Point sands were water wet, but gas shows were encountered over 73 gross meters in two zones of interbedded sandstones and shales in a shallower formation. Over the next 24 hours the wireline and pressure logging program, including hydrocarbon sample collection will be conducted to establish the significance of these gas shows.

The Cutter-1 well was designed to explore for hydrocarbons within the Shag Point Formation. While this objective zone was water wet, Tap is encouraged by the gas shows in the shallower sandstones, and the inference they have for the nearby Barque prospect which is located more proximate to the hydrocarbon generating source rock, and where similar seismic characteristics are observed.

Joint venture participants are Tap Oil as operator with 40%; AWE New Zealand with 25%; Beach Petroleum with 20% and Anzon New Zealand Limited with 15%.

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