New Supply Agreement in New Zealand (5693Y)

TIDMRHEP

RNS Number : 5693Y

Rheochem PLC

24 December 2010

Rheochem Plc

("Rheochem" or the "Company")

New Supply Agreement in New Zealand

Rheochem plc, the oil and gas business with oil services, production, development and exploration assets is pleased to announce that its 100% owned New Zealand subsidiary Rheochem Pacific Ltd has been awarded the supply of drilling fluids and related engineering services to TAG Oil NZ Ltd "TAG" for its 2011 Onshore Taranaki Basin drilling campaign. The supply agreement is for an initial five wells with the potential to add a further three wells based on drilling success.

TAG is a 100% owned subsidiary of TAG Oil Ltd., a Canadian TSX listed company with international operations in New Zealand. The Company holds a drill-ready prospect inventory that covers more than 3,500 sections of land in the Taranaki and East Coast basins, including a 100% interest in the producing Cheal oil and gas discoveries now under appraisal and development.

Haydn Gardner, CEO of Rheochem said:

"We are very pleased that TAG has chosen Rheochem to provide these services for their Taranaki operations in New Zealand in 2011. This is a new oil and gas customer for us in New Zealand and builds on the geothermal contracts already in place."

- Ends -

For further information please contact:

 
 Rheochem 
 Haydn Gardner, CEO                 +61 (8) 9410 8200 
 Financial Dynamics 
 Billy Clegg / Edward Westropp / 
  Alex Beagley                      +44 (0) 20 7269 7207 
 Northland Capital Partners 
  Shane Gallwey                     +44 (0) 20 7492 4775 
 McCall, Aitken, MacKenzie 
  Andy Yeo                          +44 (0) 20 7763 6025

This information is provided by RNS

The company news service from the London Stock Exchange

END

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