Drilling Underway at Cardiff-3 Well in PEP 38156 in Taranaki Basin

Canada-based TAG Oil Ltd. announced that the Cardiff-3 well located in Petroleum Mining License (PMP) 38156 in onshore Taranaki Basin, New Zealand was spud Sept. 2 and is presently drilling at a depth of approximately 3,280.8 feet (1,000 meters). The Cardiff-3 well will take approximately 30 more days to reach its total projected depth of 16,076.1 feet (4,900 meters).

Cardiff-3 is the first of three back-to-back deep wells being drilled (Cardiff-3, Heatseeker-1 and Hellfire-1) by TAG (100 percent) targeting Taranaki’s successful Kapuni Formation.

All three wells are situated within the Taranaki Basin’s main deep discovery fairway, where proven producing reserves of 6.9 trillion cubic feet (Tcf) of gas and 372 million barrels of oil/condensate have been discovered in the Eocene-aged Kapuni Formation so far. (Source: http://www.nzpam.govt.nz/cms/petroleum/facts-and-figures)

Combined, the assessed “mid-range” resource potential for the Cardiff, Heatseeker and Hellfire prospects is 477 billion cubic feet (Bcf) of natural gas and 18 million barrels of associated condensates, as follows:

Gas Prospect (Bcf)

  • Cardiff: 68 (P90), 160 (P50), 382 (P10)
  • Heatseeker: 83 (P90), 197 (P50), 469 (P10)
  • Hellfire: 53 (P10), 120 (P50), 270 (P90)
  • Total: 204 (P10), 477 (P50), 1,121 (P90)

Condensate Prospect (Million barrels)

  • Cardiff: 2.04 (P90), 5.49 (P50), 15.15 (P10)
  • Heatseeker: 2.50 (P90), 7.90 (P50), 18.75 (P10)
  • Hellfire: 1.59 (P10), 4.78 (P50), 10.79 (P90)
  • Total: 6.13 (P10), 18.17 (P50), 44.69 (P90)

Sproule International Limited has independently assessed the resource potential for Cardiff, and TAG’s internal qualified reserve evaluator has assessed the resource potential of the Heatseeker and Hellfire prospects, all with an effective date of July 31. The resource assessments in the table above have been made in accordance with NI 51-101 and the Canadian Oil and Gas Evaluations Handbook and are supported by several existing commercialized Kapuni Formation discoveries.

These deep wells are part of TAG’s 11 well drilling campaign in Taranaki, which will be completed over the next six months. This program consists of a combination of development drilling, appraisal and exploration drilling: TAG currently has two drill rigs actively operating with a third rig to begin operating on TAG controlled land shortly.


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