TAG Oil Completes Resource Assessment for Onshore NZ Permit
TAG Oil has completed an internal Resource Assessment on the Company's 100% controlled Winchester exploration permit PEP 38748, located in the onshore Taranaki basin, New Zealand. TAG's internal qualified reserves evaluator prepared the resource assessment in accordance with National Instrument 51-101.
The prospective resources assigned to the six drill-ready prospects, were determined using 3D seismic data, well log data, core pyrolysis and analog field data. The analysis concludes a "best estimate" (P50) of 19.1 million stock tank barrels of original oil in place effective December 17, 2009.
The target in Winchester permit 38748 is light oil within the Mt. Messenger Formation, consistent with numerous discoveries in the immediate area. This permit is located between TAG's 100% owned Cheal oil and gas discovery, that is currently under appraisal and immediately offsetting the prolific Ngatoro oil and gas field.
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