Tag Discovers Oil in Taranaki Basin
Cheal-B4ST was drilled to a total depth of 1810 meters (5937 feet), Cheal Formations encountering 17 meters (55.7 feet) of net oil-bearing sandstones within the Urenui and Mt. Messenger Formations.
Electric logs indicate four separate zones are likely to be oil-charged with excellent porosity and permeability.
Tag reports that 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, with multiple shallow horizons prospective for discovery. TAG will now complete the Cheal-B4ST well in preparation for flow testing in coming weeks.
The Cheal-B4ST well is the first in a series of high-impact exploration wells to be drilled in TAG Oil's onshore Taranaki Basin acreage.
Tag Oil is a production and exploration company with operations focused in New Zealand. With 100 percent control over all its core assets, including oil and gas production infrastructure, Tag is anticipating substantial production growth through development of multiple oil and gas discoveries in the Taranaki Basin.
In the East Coast Basin, Tag is pursuing the significant unconventional resource potential that has been demonstrated in the Waipawa Black Shale and Whangai Shale source-rock formations. These oil-rich, naturally fractured formations compare favorably to fractured shale formations such as the Bakken Shale in the Williston Basin.
Will the move enhance Tag Oil's production capacity?
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