TAG Oil moving rapidly on New Zealand exploration wells
TAG Oil Ltd. has announced that the Company has been advised by the operator Bridge Petroleum Limited that the Konini-1 exploration well has commenced drilling operations within PEP38751 (TAG ownership: 33.33%) in the Taranaki Basin, New Zealand.
TAG Oil Ltd. has announced that the Company has been advised by the operator Bridge Petroleum Limited that the Konini-1 exploration well has commenced drilling operations within PEP38751 (TAG ownership: 33.33%) in the Taranaki Basin, New Zealand. The main objective for Konini-1 is the Miocene-aged Mt Messenger Formation, which is the producing Formation in the nearby Cheal oil pool. The Konini-1 well is scheduled to take 12 days to reach 2,000m/6,560 ft total depth.
TAG Oil also announced today that in mid-December 2005, the Company is scheduled to spud the Arakanu-1 exploration well situated in PEP38757.
TAG President Drew Cadenhead commented, “After consultation with the local Maori representatives, we have renamed this well, previously referred to as Eltham-1, Arakanu-1. TAG was happy to honor this request as a gesture of respect and cooperation with the Maori people of Taranaki”. The Company controls 100% interest in the permit and the Arakanu-1 well will test multiple Miocene-aged targets including the proven producing horizons at the newly discovered Cheal oil and gas field less than 4 kilometers to the north. The TAG-operated Arakanu-1 well should take approximately 16 days to reach Total Depth of 2250m/7,380 ft.
Commenting on the Company’s operations, Mr. Cadenhead said: “TAG Oil’s strategy is moving forward. TAG currently has 14 drillable exploration prospects in its portfolio and, after Konini-1, anticipates at least 5 wells to be drilled in Taranaki and 1 well in Canterbury over the next twelve months. We are continuing to acquire seismic over our large land base, adding new prospects in lightly explored areas. New Zealand is under-explored compared with most other notable oil & gas producing regions of the world and the few wells that have been drilled and the resultant large discoveries confirm there is plenty of potential.”