TAG's Cheal-E6 Well Intersects Oil and Gas Bearing Sands in Taranaki Basin

Canada's TAG Oil Ltd. reported Tuesday that the Cheal-E-JV-6 (Cheal-E6) well (TAG 70 percent), located in the onshore Taranaki Basin of New Zealand, has been successfully drilled to a total depth of 6,360 feet (1,939 meters).

The Cheal-E6 step-out well is interpreted to have intersected over 29.5 feet (9 meters) of net oil and gas bearing sands in the Mt. Messenger Formation, which was the main objective of the well. Cheal-E6 is being completed as a potential oil well with production testing to begin this week and, if economic, will be immediately commercialized through TAG’s 100 percent-owned production infrastructure.

Based on the excellent performance and continued encouraging results of the Cheal-E site area, TAG will now proceed to drill the Cheal-E7 step-out well (TAG 100 percent).

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