TAG Oil Encounters Potential Oil Pay in New Zealand Well
TAG Oil Ltd has announced that the Pukatea-1 exploration well, located in the company’s operated Puka Permit in the Taranaki Basin of New Zealand, has encountered a potential oil pay in the Mt Messenger formation.
‘Electric log data analysis indicates that there is at least one potentially oil-charged zone with movable hydrocarbons, excellent porosity and permeability’, TAG Oil said in a company statement.
“We are very pleased so far with the results from the Mt. Messenger sands. It is highly probable that we can produce from the Mt. Messenger zone in this well in due course,” Toby Pierce, TAG Oil’s CEO, said in a company release.
“The well is currently on budget and schedule, and we are excited ahead of penetrating the primary Tikorangi target in approximately one week’s time,” he added.
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