TAG Oil announces Taranaki Basin acquisitions and drilling
Posted: 24 December 2004
TAG Oil Ltd announced the New Zealand Ministry for Economic Development has approved the Company's acquisition of a 100 per cent interest in two onshore Taranaki Basin exploration permits.
The two new permits, Petroleum Exploration Permit's 38757 and 38758 (PEP 38757 and PEP 38758), add an additional 19,429 acres to TAG's holdings in the Taranaki Basin.
TAG's President and CEO, Drew Cadenhead, commented, "We're happy to be awarded these two key permits. Both permits are located in the heart of the production fairway in Taranaki, in particular, PEP 38757 is located between the Waihapa gas/condensate pool and the newly discovered Cheal oil pool. TAG has already begun a 3-D seismic program on this permit to delineate drillable prospects from existing leads."
TAG has also entered into a farmin agreement with Denver-based Bridge Petroleum Limited. TAG will earn a 12.5 per cent participating interest in a 1510-acre Area of Mutual Interest (AMI) comprising a portion of PEP 38745 and a portion of PEP 38732, both located onshore in the Taranaki Basin, New Zealand.
Partners in the AMI are:
Bridge Petroleum Limited (12.5 per cent),
Tap ( New Zealand) Pty Ltd (25 per cent), and
Westech Energy New Zealand Limited (50 per cent).
The AMI partners will begin drilling a directional exploration well; Hursthouse-1, targeting 2 separate 3-D seismic defined Miocene targets approximately December 25th, 2004. The well is scheduled to take 12 days to reach total measured depth of 1595m (1524m true vertical depth). TAG president Drew Cadenhead commented, "We're excited about participating in the Hursthouse-1 exploration well. The location is very near existing production from these Miocene targets and the AMI includes a number of follow up locations given success."
TAG Oil Ltd. is a Calgary based oil and natural gas explorer. The Company is focused in lightly explored basins in New Zealand where it has interests in a high impact prospect portfolio.
For more information see http://www.tagoil.com
Posted by Richard Price,
Editor EnergyME.com
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