TAG Oil Continues Drilling Program in New Zealand's Taranaki Basin

TAG Oil says that its joint venture partners Tap (New Zealand) Pty Ltd. and Bridge Petroleum Limited, has begun drilling activity on the Richmond-1 well. Located in PEP 38745 (TAG Oil 33.33%) in the Taranaki Basin of New Zealand, Richmond-1 will be drilled to a depth of 2,270 meters.

Bridge Petroleum Limited is the permit operator, along with Tap (New Zealand) Pty Ltd., both of whom also hold a 33.33% interest in PEP 38745.

The Richmond-1 well is expected to take approximately 14 days to drill, targeting both the Mt. Messenger Formation, a proven horizon in this area of Taranaki, including TAG's recently announced dual zone gas discovery at SuppleJack-1, as well as the Moki Formation, a slightly deeper, and relatively untested exploration target in this part of the Taranaki Basin.

Immediately following the drilling of the Richmond-1 well, TAG's Taranaki drilling program will continue, with OD&E Drilling Rig #19 moving directly to PEP 38751 (TAG 33.33%) to drill the Konini-1 well with joint venture partners Bridge Petroleum Ltd., as operator, and Westech Energy New Zealand.