Tag Oil plans to sink 13 exploration wells

Drill plans: Tag Oil makes 13-well programme for 2013

paulgeor/sxc.hu

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Bill Lehane

 23 January 2013 13:55 GMT

Canadian explorer Tag Oil has said it plans to drill thirteen exploration wells in New Zealand’s Taranaki and East Coast basins in the coming year.

Chief executive Garth Johnson said the drill plans were backed by increased revenues from the past two years after 21 consecutive well successes in the Taranaki Basin.

He said operating cash flow from current production of around 2000 barrels of oil equivalent (boe) per day would fund the $36 million estimated cost of drilling, completing and testing the 13 wells.|

The Vancouver-based, Toronto-listed outfit said the probes would be sunk on its Cheal and Sidewinder light oil fields and on newly awarded acreage from last month’s New Zealand licence round.

Tag Oil plans to continue to aim at…

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