New Zealand oil and gas producer TAG Oil Ltd. has today filed its interim financial statements and the accompanying management's discussion and analysis for the six months ending September 30, 2009.
TAG Oil CEO Garth Johnson commented, "During the quarter, TAG achieved a number of company-transforming milestones, including closing the agreement to acquire the remaining interests in the Cheal oil discovery. This solidifies our position in the Taranaki Basin and gives TAG the potential to increase production immediately from the current 350 barrels of oil per day, and to increase recovery of reserves through work-over and fracturing, as well as providing ongoing discovery potential with a number of 3D-defined prospects in the surrounding acreage."
"Further, upon completion of the highly complementary acquisition of Trans-Orient expected in mid-December 2009, TAG will expand its exploration portfolio in New Zealand by more than 2 million acres. This acreage not only contains numerous conventional high-impact prospects, it is a widespread and world-class unconventional fractured oil shale frontier," explained Johnson. "Independent reports by qualified reserves evaluators for Trans-Orient dated September 2007 and September 2008 have estimated prospective resources of over 14 billion barrels of original oil-in-place, based on approximately 10% of Trans-Orient’s land base."
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