Tag hits light oil in Taranaki

Tag: Taranaki's it

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Luke Johnson

 03 March 2011 19:11 GMT

TSX-listed Tag Oil has made a multi-zone light oil discovery at its Cheal-B4ST well in the Taranaki basin on New Zealand’s North Island.

The well, drilled to a total depth of 1810 metres, encountered 17 metres of net oil-bearing sandstones within the Urenui and Mt Messenger Formations.

Cheal-B4ST is located in Tag's Petroleum Mining Permit 38156 (PMP 38156).

Electric logs indicate four separate zones are likely to be oil-charged with excellent porosity and permeability, Tag said in a statement.

“Two of the four zones intersected are oil-bearing zones never before encountered in wells within PMP 38156, further demonstrating that the entire 7500-acre PMP 38156 area is oil-prone,” the company said.

Tag, which owns 100% interest in the well,…

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