TAG Oil reported Monday that their Cheal-B7 discovery well has been flow tested and is naturally flowing at an average rate of more than 1,100 barrels of light oil per day plus associated gas.
The Cheal-B7 well is located within TAG's 100 percent-owned Cheal oil and gas field, located in Petroleum Mining Permit 38156 in the Taranaki Basin of New Zealand.
The Cheal-B7 well was drilled to a total depth of approximately 6,890 feet (2,100 meters) and encountered a total of 59 feet (18 meters) of high quality oil-and-gas-bearing sands within the targeted Urenui and Mt. Messenger Formations, located to the northeast and up-dip of TAG's recent Cheal-B5 oil well discovery.
With the Cheal-B7 well, TAG is currently producing more than 4,000 BOE's per day with light oil contributing approximately 70 percent to that daily production figure. In addition, TAG has another 3,500 BOE's per day of production, which is drilled and sitting behind pipe awaiting the expansion of the Company's infrastructure, which will allow this "behind pipe" production to be brought onstream.
These production figures do not include any production arising from the successful drilling of the Cheal-B6, Cheal-A9 and Cheal-A10 wells, which are currently being production tested. The Cheal-B6 well encountered 14 meters of oil-and-gas-bearing sands within the Urenui and Mt. Messenger Formations while the Cheal-A9 and Cheal-A10 wells encountered 10.5 meters of net pay and 46 feet (13 meters) of net pay respectively within the targeted Urenui Formation.
"TAG's Taranaki drilling continues to achieve very significant results, which now stands at 14 consecutive successful wells. The Cheal-B6, A9 and A10 wells will be tested over the next few weeks, and with another 10 wells planned in Taranaki this year, along with workovers to certain existing wells, we will continue to build our reserve base and oil and gas production," TAG CEO Garth Johnson commented. "In order to facilitate the anticipated new oil and gas production, further expansion to the Cheal Production Facility is now underway, which will ensure that all current and future Cheal wells can be produced concurrently."
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