Tag Oil President Drew Cadenhead commented: "Mangamingi-1 has confirmed our theory that oil has migrated through the underlying wedge of thrusted basement sediments and has accumulated in the overlying shallow Miocene sediments in this under-explored eastern region of the Taranaki Basin."
The company will initiate a completion and testing program dependant on equipment availability over the next two weeks.
Tag Oil Ltd. is an independent Canadian oil and gas exploration and production company with a well-balanced portfolio of assets in and around the Canterbury, Taranaki and East Coast basins of New Zealand. With exploration permits totaling 3,686,593 gross acres (net 1,847,593). Tag Oil is one of the largest holders of prospective acreage in New Zealand.
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