200million barrel onshore poss 50 plus bagger, page-8

TAG highlighted the importance to Kate of AWE's results from Cutter1.

Cutter-1 was drilled in October 2006 and was plugged and abandoned after encountering only modest gas shows in a secondary objective.

8 November 2006
The Company Announcements Platform
Australian Stock Exchange
Exchange Centre
20 Bond Street
SYDNEY NSW 2000

CUTTER-1 EXPLORATION WELL UPDATE
Tap Oil Limited (“Tap”) provides the following operational information on the drilling of the Cutter-1 exploration well offshore New Zealand.

Location
Cutter-1 is located in PEP 38259, with a surface location approximately 23km offshore east of Oamaru, New Zealand in 63 metres of water, latitude 45°06’17.98”S and longitude 171°21’22.44”E.

Progress
As of today at 06:00 hours NZDT, the Cutter-1 well had drilled to its planned total depth and all wireline logging operations were complete.

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

The well will now be plugged and abandoned.