Apache Corp. (APA) along with Tag Oil Ltd. (TAO.T) are set to look for oil in the East Coast Basin off the eastern coast of New Zealand, Fairfax-owned website Stuff reported Monday citing Tag Oil.

The website reports Tag Oil said seismic testing by the oil and gas firms was due to start this month with the first drilling expected early next year.

Tag Oil is reported to have added that it entered into a deal with Apache to explore and potentially develop oil and natural gas on the East Coast with Apache spending US$100 million to gain a 50% stake in Tag's exploration prospects in the basin.

Newspaper website: http://www.stuff.co.nz

-Wellington Bureau, Dow Jones Newswires; 64-4-471-5990; djnews.wellington@dowjones.com

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