Cutter-1 to be Plugged and Abandoned

Tap Oil says that the Cutter-1 exploration, located in PEP 38259 offshore New Zealand, has reached its planned total depth and all wireline logging operations have been completed.

The primary objective Shag Point Sandstones were water wet. The previously reported shallower interval with gas shows over 73 gross meters have been assessed and are not likely to be of economic interest at Cutter. The well will now be plugged and abandoned.

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 interval.

Tap will investigate the implications of the Cutter well results for the nearby Barque prospect over the coming weeks as detailed well data analyses are received. The huge Barque Prospect is located in deeper water and closer to the mapped hydrocarbon source rocks in the basin.

Joint Venture participants are Tap Oil as operator with 40%; AWE New Zealand Pty Ltd with 25.00%; Beach Petroleum (NZ) Pty Ltd with 20.00% and Anzon New Zealand Limited with 15.00%.

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