TAG Oil Cases Cheal-B2 Well
Independent Canadian oil and gas exploration company TAG Oil Ltd. reported late Friday that the Cheal-B2 well located in PMP 38156-01 (TAG 30.5%) New Zealand, has reached a total depth of 1866m (6122'). After evaluating the wireline logs, the Joint Venture has agreed to run production casing and initiate a program of completion testing.
"We're pleased by the indications of oil," says President and CEO Drew Cadenhead, "and we're looking forward to moving the rig to spud Cheal-B3."
The Cheal-B1 and B2 wells are the first two step-out wells that the Joint Venture has drilled from the Cheal "B" surface location. Both wells were drilled directionally, targeting the Mt. Messenger Formation, proven productive at the Cheal-A3X and Cheal-A4 wells. The newly acquired Brecon 3-D seismic program has been utilized to target these wells along with a number of follow up locations in the Cheal Oil Field area.
Participants in the sidetrack operation are the Company (30.5%), Arrowhead Energy Limited (33%) and Austral Pacific Energy (NZ) Limited (36.5%).
TAG Oil Ltd. is an independent Canadian oil and gas exploration company with a well-balanced portfolio of assets in and around the Canterbury, Taranaki and East Coast basins of New Zealand. This regional focus supports the Company's mandate to explore in countries with low political risk and low government taxation, through the establishment of a portfolio of both high risk/high reward exploration projects and low risk/moderate reward acreage in producing basins. With exploration permits totaling 3,697,408 gross acres (net 1,858,048). TAG Oil is one of the largest holders of prospective acreage in New Zealand.
- 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)
Company: Austral Pacific Energy Ltd. more info
- Austral Pacific Files 2008 Annual Results (Mar 26)
- Austral Pacific Revises NZ Reserves Estimates (Feb 16)
- Malvern, Onaero 2D Seismic Surveys Completed (Dec 01)
Company: Arrowhead Energy Ltd. more info
- Musings: Changing Landscape of Global E&P Industry (Mar 31)
- Arrowhead Reports 3Q Results (Oct 30)
- Austral Pacific Reports Promising Cheal News (Nov 30)