TAG Oil Accelerates New Zealand Exploration Program
The SuppleJack South-1 well is a follow-up well to the SuppleJack-1 dual zone gas/condensate discovery made earlier this year in PEP38741 (TAG ownership: 20%). The new well will have a surface location in PEP38741, but will be directionally drilled to reach a true vertical depth of approximately 2,000m in PEP38765, testing a 3-D seismically identified sweet spot approximately 700m from the SuppleJack-1 discovery.
TAG President Drew Cadenhead commented, "Accelerating the SuppleJack South-1 well into December demonstrates TAG's eagerness to exploit our discoveries and accelerate our potential cash flow."
Immediately following the SuppleJack South-1 well, OD&E Rig#19 will spud the Arakamu-1 exploration well situated in PEP38757 (TAG 100%). The Arakamu-1 well will test multiple Miocene-aged targets including the proven producing horizons at the newly discovered Cheal oil and gas field less than 4 kilometers to the north. The TAG-operated Arakamu-1 well should take approximately 16 days to reach Total Depth of 2,250m/7,380 ft.
Corporately, TAG recently granted two directors a total of 150,000 additional stock options exercisable at CDN$1.30 per share, under the terms of the Company's stock option plan. In addition, the Company has filed its unaudited consolidated interim financial statements and accompanying notes for the period ending September 30, 2005 and related Management's Discussion and Analysis, with Canadian securities regulatory authorities.
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- UK Oil Regulator Publishes New Emissions Reduction Plan
- PetroChina Posts Higher Annual Profit on Higher Production
- McDermott Settles Reficar Dispute
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call
- India Halts Russia Oil Supplies From Sanctioned Tanker Giant
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Centcom, Dryad Outline Recent Moves Around Red Sea Region
- PetroChina Set to Receive Venezuelan Oil
- Czech Conglomerate to Buy Major Stake in Gasnet for $917MM
- US DOE Offers $44MM in Funding to Boost Clean Power Distribution
- Oil Settles Lower as Stronger Dollar Offsets Tighter Market
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea