TAG Oil Continues Drilling Program in New Zealand's Taranaki Basin

Tag Oil Taranaki Blocks
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Taranaki Basin Concessions
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Taranaki Basin
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TAG Oil says that its joint venture partners Tap (New Zealand) Pty Ltd. and Bridge Petroleum Limited, has begun drilling activity on the Richmond-1 well. Located in PEP 38745 (TAG Oil 33.33%) in the Taranaki Basin of New Zealand, Richmond-1 will be drilled to a depth of 2,270 meters.

Bridge Petroleum Limited is the permit operator, along with Tap (New Zealand) Pty Ltd., both of whom also hold a 33.33% interest in PEP 38745.

The Richmond-1 well is expected to take approximately 14 days to drill, targeting both the Mt. Messenger Formation, a proven horizon in this area of Taranaki, including TAG's recently announced dual zone gas discovery at SuppleJack-1, as well as the Moki Formation, a slightly deeper, and relatively untested exploration target in this part of the Taranaki Basin.

Immediately following the drilling of the Richmond-1 well, TAG's Taranaki drilling program will continue, with OD&E Drilling Rig #19 moving directly to PEP 38751 (TAG 33.33%) to drill the Konini-1 well with joint venture partners Bridge Petroleum Ltd., as operator, and Westech Energy New Zealand.


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