TAG Oil Ltd. (TSX: TAO) and (OTCQX: TAOIF), is pleased to report that drilling of TAG's 100%-controlled Ngapaeruru-1 exploration well is drilling ahead, and has encountered elevated mud gas readings at a depth of 800 to 977 meters. The significance of the elevated gas readings will not be known until wireline logs have been run and evaluated.
TAG Oil's Cheal infrastructure expansion project in the Taranaki region of New Zealand has been completed. TAG now has the capacity to fully commercialize the successes (past and future) of its onshore Taranaki Basin assets.
TAG Oil's 2013 drilling campaign is expected to consist of a minimum 13 wells, and will continue to target the Mt. Messenger/Urenui Formation targets, as well as deeper high-impact targets in the Kapuni Formation.
New Zealand Petroleum and Minerals has awarded TAG Oil Ltd. four onshore exploration blocks offered in New Zealand's 2012 Block Offer. The permits awarded have been assigned the Petroleum Exploration Permit (PEP) numbers 54873, 54876, 54877, 54879 and are all located in the Taranaki Basin, New Zealand.
TAG Oil Ltd. (TSX: TAO) and (OTCQX: TAOIF), a Canadian-based production and exploration company with focused operations in New Zealand, reports the Company has filed its March 31, 2012 consolidated, audited financial statements, management discussion and analysis and annual information form with the Canadian Securities Administrators for the Company's 2012 fiscal year-end.
TAG Oil Ltd. has entered into an agreement with Rawson Taranaki Limited and Zeanco (NZ) Ltd. to acquire three New Zealand exploration permits comprising of approximately two-million acres and situated in favourable geological areas offering high-impact exploration opportunities in the East Coast Basin and in the Canterbury Basin.
TAG Oil's Cheal-B6, A9 and A10 wells confirm a commercial oil discovery within the Urenui Formation. Based on these results, Urenui will be integrated into TAG's overall development and exploration strategy.
TAG Oil is initiating a $66 million capital expenditure program within the 100%-controlled Cheal and Sidewinder fields in the Taranaki Basin, New Zealand. The drilling plan continues to build upon TAG's highly successful exploration, appraisal and development program at both the Cheal and Sidewinder oil and gas fields.
TAG Oil, Ltd. has filed its Q3 Fiscal 2012 Financials and reports significant increases, including production revenue increase to $12,976,714 (nine months: $26,206,992) from $3,851,621 (nine months: $8,078,684) in Q3 of the 2011 fiscal year.
TAG Oil Ltd. is pleased to report the most extensive pay interval ever recorded by a Cheal oil well. The Cheal-B5 discovery well is naturally flowing at an average rate of 1,870 barrels of oil equivalent per day.
TAG Oil advises the Taranaki Daily News article entitled "Drilling opposition puts 42 out of work is inaccurate. Production has not stopped at Cheal or at Sidewinder. All other Taranaki operations at both oil and gas fields continue uninterrupted.
TAG Oil (www.tagoil.com) has filed its September 30, 2011 condensed consolidated unaudited financial statements and management discussion and analysis with the Canadian Securities Administrators for the second quarter of the Company's 2012 fiscal year.
A 4-Point Isochronal flow test was completed over the main discovery zone in the Sidewinder-2 discovery well, which achieved stabilized flow rates of 8.8 million cubic feet per day (~1467 BOE per day) with less than a 25% drawdown.
Flow testing on TAG Oil's Sidewinder-4 well achieved stabilized flow rates of 6.98 million cubic feet of gas per day. Flow testing of Sidewinder-2, the largest net pay of all Sidewinder wells to date, is currently underway.
TAG Oil's Cheal-C1 well was drilled approximately 3.5 km to the northwest of the existing Mt. Messenger producing wells, with results extending the Mt. Messenger oil saturation area over a considerably larger area than previously known.
Sidewinder-3 was drilled to a total depth of 2,160 meters (7,085 feet), encountering 15.4 meters (50 feet) of net gas-bearing sandstones. With the four wells drilled to date, the interpreted total hydrocarbon column at Sidewinder exceeds 60 meters (196 feet) in thickness, with no water column evident in any of the Sidewinder wells.
Due to the timing of operations occurring after March 31, 2011, the Sidewinder reserve assessment was completed with information related only to the Sidewinder-1 well and does not include the now-completed Sidewinder-2, 3 and 4 wells. After considering production during the 2011 fiscal year, the 1,677,000 BOE in proved and probable reserves represents a 221% increase.
TAG Oil Ltd. (TSX-V: TAO) and (OTCQX: TAOIF) is very pleased to report that the Sidewinder-4 exploration well, located in TAG Oil's 100%-controlled New Zealand Petroleum Exploration Permit 38748, has been confirmed as a light oil and gas discovery. Along with the three previous Sidewinder discoveries, it is TAG Oil's fifth exploration success in the Taranaki Basin in the past six months.
TAG Oil Ltd. (TSX-V: TAO) and (OTCQX: TAOIF) reports that the Sidewinder-3 exploration well is confirmed as a light oil and gas discovery, and will immediately proceed to drill the Sidewinder-4 exploration well.
TAG's third new discovery in five months, Sidewinder-2 is a multi-zone, light oil and gas discovery, with high quality, oil-and-gas-bearing sandstones. "We're very pleased to find such a significant showing from this well," says Garth Johnson, TAG Oil CEO.
"Numerous drill-ready prospects have been identified at Cheal, providing us with opportunities for high-impact reserve and production growth. We plan to fully exploit these shallow zones with an objective to build our near term cash flow, as we prepare to pursue the deeper condensate-rich gas formations and TAG's East Coast Basin fractured oil shale prospects." -Garth Johnson, TAG Oil CEO
BREAKING NEWS: TAG Oil Ltd. (TSX-V: TAO) Begins Drilling Sidewinder-2 Well. First in Series Following Gas-Rich Sidewinder-1 Discovery. Additional discoveries in PEP 38748 or additional Sidewinder production wells will be tied into the Sidewinder Production Station.
TAG Oil Ltd. (TSX-V: TAO) reported that ongoing production testing of the 100%-controlled Cheal-BH-1 horizontal well in the Taranaki Basin of New Zealand continues with positive results. They also announced that significant progress is being made towards fast-tracking the commercialization of the Sidewinder-1 oil and gas discovery.
The Sidewinder-1 well located in New Zealand's Taranaki Basin, within TAG's 100%-controlled, 7,910 acre, Broadside exploration permit PEP 38748 was drilled to a total depth of 1,601m, and encountered oil-bearing sandstones in the Mt. Messenger Formation that indicate excellent reservoir qualities, with average porosities of 22.5% and oil saturations of 60%.
TAG Oil (TSX-V: TAO) Announces Acquisition of Condensate-Rich Deep Gas Discovery, Taranaki Basin, New Zealand. TAG plans to recommence development with horizontal-drilling and multi-stage fracturing technologies developed specifically for these types of tight-sand gas reservoirs.
TAG Oil Ltd. is beginning the next phase of its Taranaki program, including exploratory and horizontal development drilling. The prime objective is to build TAG's oil and gas revenue in Taranaki, where the Company has already established high netback oil production from its Cheal Production Facility.
TAG Oil Ltd. (TSX-V: TAO) is pleased to announce that an independent assessment of reserves on the Cheal Mining Permit, onshore Taranaki Basin, New Zealand, conducted as of March 31, 2010, has assigned net proved and probable reserves remaining of 651,000 barrels of oil, plus associated gas of 258mmcf. These result in a net present value of $29.43 million.
TAG Oil Ltd. (TSX-V: TAO) announced today that the first stratigraphic well in TAG's initial three-well Waitangi Hill program has been drilled to a total depth of 171m. The Waitangi Hill-2 well is located within TAG's 530,000-acre permit area in the northern East Coast Basin of New Zealand, where TAG is pursuing both conventional and unconventional fractured oil shale prospects.
TAG Oil Ltd. (TSX-V: TAO) has been awarded a 100% interest in a 61,900-acre permit extension to the Company's PEP 38349 permit, located in the southern portion of the onshore East Coast Basin, New Zealand.
TAG Oil has completed an internal Resource Assessment on the Company's 100% controlled Winchester exploration permit PEP 38748, located in the onshore Taranaki basin, New Zealand. The analysis concludes a “best estimate” (P50) of 19.1 million stock tank barrels of original oil in place effective December 17, 2009.