Drill plans: Tag Oil makes 13-well programme for 2013
New Zealand dishes out blocks
11 December 2012 06:33 GMT
Tag buys NZ permits
04 June 2012 05:17 GMT
Tag in fresh New Zealand hits
02 April 2012 07:18 GMT
Tag plans Taranaki spending spree
07 March 2012 03:02 GMT
Further success for Tag at Cheal field
05 March 2012 03:15 GMT
23 January 2013 13:55 GMT
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 Mt Messenger and Urenui formation
targets, as well as deeper high-impact targets in the Kapuni formation using
Ensign Drilling’s Deep Rig 31.
The first deep probe, provisionally slated for May, will
target the Cardiff prospect where gas-rich condensates were discovered and
tested within a 600-metre interval in the Kapuni Formation in 1992.
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