TAG Oil to Begin Multi-Well Program in New Zealand Shortly

TAG Oil announced the first well of a multi-well program in the Taranaki Basin of New Zealand is scheduled to commence drilling (with partners) in the coming weeks. Honeysuckle-1 will be drilled in Permit 38741 to a depth of 1700 meters to test 2 separate Miocene-aged zones.

TAG Oil President and CEO Drew Cadenhead commented, "We've been working for a number of years to get to this important stage in our development and we're excited about our potential for success. The first wells, including Honeysuckle-1, are located within our Kaimata 3-D seismic survey and are part of our lower-risk / higher-return exploration strategy." According to a company spokesperson the well will be drilled with the South Pacific Drilling Rig #1 and will take approximately 2 weeks to reach total depth.