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TAG Oil Completes Drilling at Cheal-E1 Well in Taranaki Basin

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Canada-based East West Petroleum Corp. (the Company or East West) provided the following operations update on the first well of its 2013 nine well exploration program in the Taranaki Basin of New Zealand with partner and operator, TAG Oil Ltd.

The Company has been informed by its joint venture partner and operator, TAG Oil Ltd (TAG), that the Cheal-E1 well on the Cheal North permit has reached total depth (TD) of 6,266 feet (1,910 meters) on time and on budget and has finished drilling.
 
TAG also reported to the Company that well logs from the Cheal-E1 well indicated that approximately 108 feet (33 meters) of hydrocarbon bearing strata was encountered within the Urenui and Mt. Messenger formations supporting the decision to test and complete the well, which is expected to take seven to ten days. Following completion of E1, the Nova-1 rig will drill the E2 well to test further identified prospects on Cheal North.

Additional information on East West’s Taranaki exploration program can be found in the Company’s press release dated August 19th. 

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