TAG Oil Accelerates New Zealand Exploration Program
TAG Oil Ltd. announced today that the Konini-1 well, currently drilling ahead at 1,439m toward total depth of 2,000m will now be followed immediately by the drilling of the SuppleJack South-1 well on PEP38765 (TAG ownership: 13.33%). It is expected that Konini-1 will reach its total depth, targeting the Miocene-aged Mt Messenger formation, the producing formation in the nearby Cheal oil pool, by November 29, 2005.
The SuppleJack South-1 well is a follow-up well to the SuppleJack-1 dual zone gas/condensate discovery made earlier this year in PEP38741 (TAG ownership: 20%). The new well will have a surface location in PEP38741, but will be directionally drilled to reach a true vertical depth of approximately 2,000m in PEP38765, testing a 3-D seismically identified sweet spot approximately 700m from the SuppleJack-1 discovery.
TAG President Drew Cadenhead commented, "Accelerating the SuppleJack South-1 well into December demonstrates TAG's eagerness to exploit our discoveries and accelerate our potential cash flow."
Immediately following the SuppleJack South-1 well, OD&E Rig#19 will spud the Arakamu-1 exploration well situated in PEP38757 (TAG 100%). The Arakamu-1 well will test multiple Miocene-aged targets including the proven producing horizons at the newly discovered Cheal oil and gas field less than 4 kilometers to the north. The TAG-operated Arakamu-1 well should take approximately 16 days to reach Total Depth of 2,250m/7,380 ft.
Corporately, TAG recently granted two directors a total of 150,000
additional stock options exercisable at CDN$1.30 per share, under the terms of
the Company's stock option plan. In addition, the Company has filed its
unaudited consolidated interim financial statements and accompanying notes for
the period ending September 30, 2005 and related Management's Discussion and
Analysis, with Canadian securities regulatory authorities.
- TAG Oil Gets Approval to Take 70% Operating Stake in NZ's PEP51153 (Jun 06)
- NZ-Focused TAG Oil Cuts Capex for Rest of FY16 Due to Low Oil Prices (Oct 15)
- TAG Prepares for NZ's Cheal East Field Development with New Pipeline Link (May 27)