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TAG Oil's deep drilling targets large onshore gas/ condensate resource in Taranaki Basin


Published Sep 19, 2013
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Tag Oil makes oil discovery at Cheal step out well

TAG Oil Ltd. says that the Cardiff-3 well located in Petroleum Mining License 38156 was spudded on September 2, 2013 and is presently drilling at a depth of approximately 1000 meters. The Cardiff-3 well will take approximately 30 more days to reach its total projected depth of 4,900 meters.

Cardiff-3 is the first of three back-to-back deep wells being drilled (Cardiff-3, Heatseeker-1 and Hellfire-1) by TAG (100%) targeting Taranaki's successful Kapuni Formation.

All three wells are situated within the Taranaki Basin's main deep discovery fairway, where proven producing reserves of 6.9 TCF of gas and 372 million barrels of oil/condensate have been discovered in the Eocene-aged Kapuni Formation so far.

Tags: TAG Oil Ltd.



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