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TAG awarded permits in the Taranaki oil and gas discovery fairway

Thursday, Dec 20, 2012

A very pleased Garth Johnson (TAG Oil CEO) poses for a photo with New Zealand Minister of Energy and Resources Phil Heatley, at the 2012 Block Offer awards ceremony.

At the ceremony, TAG Oil was awarded four onshore Taranaki Basin exploration blocks, expanding our acreage by another 37,000 gross acres. More importantly, it’s acreage that sits in the main Taranaki oil and gas discovery trend included in TAG’s extensive, proprietary 3D seismic, which indicates several lower risk, high-impact targets that we look forward to exploring. The awards initially add at least 10 shallow, low-risk drilling prospects plus the numerous leads in close proximity to the producing Cheal oil field.

TAG will operate the permits and JV partner East West will fund four wells within PEP 54876, 54877 and 54879 in 2013, earning East West a 50% interest in PEP 54876 and PEP 54879 and a 30% interest in PEP 54877.

PEP 54873 (100% TAG) provides several shallow drilling leads along with significant exploration upside via a drill-ready deep gas and condensate prospect that has similar geological features to the adjacent 1.3 TCF Kapuni gas/condensate field.

Source: TAG Oil

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