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TAG Oil Drills Ahead at New Zealand Well

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TAG Oil Ltd. reported that drilling of TAG's 100 percent-controlled Ngapaeruru-1 exploration well is drilling ahead, and has encountered elevated mud gas readings at a depth of 2,625 to 2,953 feet (800 to 977 meters). The significance of the elevated gas readings will not be known until wireline logs have been run and evaluated.

The Ngapaeruru-1 well has reached intermediate casing point at 2,953 feet (977 meters) with operations continuing according to the drill plan. The planned total depth of the Ngapaeruru-1 well is approximately 5,906 feet (1800 meters) and is targeting the naturally fractured Waipawa Black Shale and Whangai source-rocks.

"We've passed a couple of critical drilling challenges successfully in the Ngapaeruru-1 well now, including cementing intermediate casing across the troublesome Weber and Wanstead Formations. TAG can now drill confidently ahead into the Waipawa and Whangai source rock targets," Drew Cadenhead, TAG's COO commented. "We've had to increase the mud weights considerably as we drill deeper, and we continue to see rising mudlog gas readings, including the oil-indicative C3-C5 factions, which is encouraging. The "oil kitchen" in these source rocks is definitely working below us - it promises to be interesting drilling over the next couple of weeks."

The Ngapaeruru-1 well was spud April 22 and is located in TAG's 100 percent-controlled Petroleum Exploration Permit 38349, located in the East Coast Basin of New Zealand.

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