TAG Oil reported that the sidetracked Sidewinder-2 well is confirmed as a multi-zone, light oil and gas discovery, encountering 47 meters (154 feet) of high quality, oil-and-gas-bearing sandstones within the Mt. Messenger Formation. This discovery is located in TAG Oil's 100%-controlled Petroleum Exploration Permit 38748, in the onshore Taranaki Basin, North Island, New Zealand, and is TAG's third new light oil and gas discovery within the last five months.
The Sidewinder-2 sidetrack well was drilled to a total depth of 1597 meters (5238 feet), and encountered 47 meters (154 feet) of net oil-and-gas-bearing sandstones, including "free oil" observed over the shakers during the drilling operation from multiple potential pay zones. Furthermore, electric log data indicates these zones have excellent reservoir qualities.
While this well has intersected and extended the area of the main Sidewinder-1 discovery zone, Sidewinder-2 has also encountered an additional five separate oil-and-gas-charged pay zones, both above and below the primary target.
"We're very pleased to find such a significant showing from this well," said Garth Johnson, TAG Oil CEO. "This most recent discovery continues to support our contention that TAG's onshore acreage in Taranaki is located in a highly prospective oil-charged fairway. We've only just begun our exploitation of this acreage and the possibility for additional discoveries is exciting."
As a result of this latest oil and gas discovery, TAG will immediately begin preparations for flow testing, which will occur in the coming weeks. All additional production will be brought on-line at TAG Oil's 100%-owned Sidewinder Production Station, currently under construction and projected to be completed in mid-2011.
Finally, TAG Oil is pleased to announce that drilling of the Sidewinder-3 exploration well will be immediately initiated from the same drilling pad, targeting a separate 3-D seismic anomaly to the south of the existing Sidewinder discoveries.
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