TAG Oil hits oil at Taranaki Cheal-E6 well

November 25, 2014

Map from TAG Oil

TAG Oil Ltd. reported that the Cheal-E-JV-6 (Cheal-E6) well in New Zealand's onshore Taranaki basin has been successfully drilled to 1939m (6360ft) TD.

The well is located in the Cheal Northeast area, permit 54877, and TAG Oil has 70% interest in the well, which it operates on behalf of partner East West Petroleum Corp.

The Cheal-E6 step-out well is interpreted to have intersected over 9m (29.5ft) of net oil and gas-bearing sands in the Mt. Messenger formation, which was the main objective of the well.

TAG Oil is beginning oil production testing of the Cheal-E6, and if successful/economic, it will be completed as commercial oil well and immediately connected to TAG's 100%-owned production infrastructure.

Based on the "excellent performance and continued encouraging results of the Cheal-E site area," TAG says it will proceed to drill the Cheal-E7 step-out well (TAG 100%).

Cheal area

TAG Oil has three Cheal permits (% TAG Oil interest):

38156 - Cheal Discoveries - 7487 acres - 100%

54877 - Cheal Northeast - 6158 acres - 70%

54879 - Cheal South - 1102 acres - 50%

Map at right from TAG Oil Ltd., a Canadian-based oil and gas company with extensive operations in New Zealand. www.tagoil.com

Related AOG news:

TAG Oil begins drilling at Taranaki basin, 6 November 2014

TAG Oil reports FY 2014 reserves, 30 June 2014

TAG updates on Cheal drilling, 10 January 2014



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