TAG Oil Says Konini 1 Well Non-Commercial

TAG Oil reports that the Konini-1 well was drilled to a total depth of 2,096 meters in PEP 38751, Taranaki Basin, New Zealand. The main objective sandstones were reached, however after evaluating the well data, the Joint Venture has agreed to plug and abandon the well.

OD&E Rig# 19 will now move immediately to drill the SuppleJack South-1 well located on PEP 38765 (TAG ownership: 13.33%) prior to moving to PEP 38757 (TAG ownership: 100%) to drill the TAG operated Arakamu-1 well.

TAG President Drew Cadenhead commented, "We look forward to following up on our SuppleJack discovery with SuppleJack South-1. Another good well drilled directionally from this surface location should assist in establishing the feasibility of the SuppleJack project as a whole."