PRTODAY / NewswireToday Free press release distribution service network

More news: Energy
Written by / Agency / Source: TAG Oil Ltd

Check Ads Availability|e-mail Article


Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!

TAG Oil Announces Cheal Horizontal Well Success and Commercialization of Sidewinder Oil and Gas Discovery - Canadian listed, New Zealand oil and gas producer TAG Oil Ltd. (TSX-V: TAO) reported that ongoing production testing of the 100%-controlled Cheal-BH-1 horizontal well in the Taranaki Basin of New Zealand continues with positive results
TAG Oil Announces Cheal Horizontal Well Success and Commercialization of Sidewinder Oil and Gas Discovery

 

NewswireToday - /newswire/ - Vancouver, British Columbia, Canada, 2011/01/06 - Canadian listed, New Zealand oil and gas producer TAG Oil Ltd. (TSX-V: TAO) reported that ongoing production testing of the 100%-controlled Cheal-BH-1 horizontal well in the Taranaki Basin of New Zealand continues with positive results. TSE: TAO

   
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Energy Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

To date, a conservative range of low draw-down configurations has been tested, with associated production rates ranging from 400 to 500 barrels of oil equivalent (BOE) per day (predominantly oil) with no water.

In coming months, TAG will further test the full production capabilities of the Cheal-BH-1 well, with the goal of optimizing daily flow rates while maximizing long term reserve recovery. The continued positive results being demonstrated at Cheal further support TAG’s upcoming Cheal “step-out” drilling campaign commencing this February, 2011, targeting Mt. Messenger and Urenui Formation prospects which are defined on 3-D seismic, situated within the oil discovery fairway of the lightly explored Cheal acreage.

TAG Oil’s Chief Executive Officer, Garth Johnson commented, “With hundreds of meters of high quality oil and gas pay across the horizontal section in the Cheal-BH-1 well, and the strong flowing pressures we’ve measured during testing, we can anticipate rapid capital recovery and long term profitability from this well. With further potential to increase the flow rate, this promising result — from the first-ever horizontal well drilled into the Mt. Messenger Formation — will allow us to capture more reserves, providing a positive impact in our approach to the future development of Cheal.”

The current production output capabilities at the Cheal field from the wells that are permanently or temporarily tied into the Cheal Production Facility, now exceed 1,000 BOE per day. More information on the Cheal Oil Field discoveries in the Taranaki Basin can be found on TAG’s website.

Sidewinder Oil and Gas Discovery
TAG Oil also announced that significant progress is being made towards fast-tracking the commercialization of the Sidewinder-1 oil and gas discovery. Development of the new Sidewinder Production Station, including a 3-km pipeline link into New Zealand’s main gas transmission grid, is being designed to accommodate oil and gas production from all future Sidewinder wells.

“The high deliverability test results from the Sidewinder-1 well combined with strong gas prices in New Zealand, provide compelling economics, with drilling and development costs potentially recoverable in under six months.” Mr. Johnson commented. “With this new facility in place, we can commercialize additional Sidewinder wells quickly and cost effectively.”

TAG’s present timeline forecasts facility commissioning, with estimated initial production rates from the Sidewinder-1 well of 8 to10 million cubic feet of gas per day (1300 to 1600 barrels of oil equivalent per day), by mid-2011. “Together with Sidewinder and production from Cheal, TAG’s daily production will increase substantially by the end of fiscal Q2, 2011.” Mr. Johnson noted. “Also, successes arising from our current and planned 2011 Taranaki Basin drilling campaign would drive additional production and reserve growth in 2011.”

More information on TAG Oil’s Sidewinder discovery can be found on our website.

About TAG Oil Ltd
TAG Oil Ltd (tagoil.com) is a Canadian-listed company (TSX-V: TAO) with operations in New Zealand. With 100% control over all its core assets, including oil and gas production infrastructure, TAG is anticipating production growth through development of multiple oil and gas discoveries in the Taranaki Basin. TAG is also targeting high-impact drilling opportunities on numerous exploration prospects identified over 3,500 sections of land onshore.

In the East Coast Basin, TAG is pursuing the major 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.

“BOE”s may be misleading, particularly if used in isolation. A BOE conversion ratio of 6Mcf: 1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

Cautionary Note Regarding Forward-Looking Statements
Statements contained in this news release that are not historical facts are forward-looking statements that involve various risks and uncertainty affecting the business of TAG Oil. These statements are based on certain factors and assumptions including those related to the exploration, development and daily production rates of TAG Oil's Cheal oil field and Sidewinder discovery in the Taranaki Basin of New Zealand. Actual results may vary materially from the information provided in this release and there is no representation by TAG Oil that actual results realized in the future would be the same in whole or in part as those presented herein.

Factors that could cause actual results to differ from those contained in the forward-looking statements are set forth in, but are not limited to, filings that the Company and its independent evaluator have made, including the Company's most recent reports in Canada under National Instrument 51-101.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Energy Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

Written by / Agency / Source: TAG Oil Ltd

 
 

Availability: All Regions (Including Int'l)

 

Traffic Booster: [/] Quick Newswire Today Visibility Checker

 

Distribution / Indexing: [+] / [Company listed above is a registered member of our network. Content made possible by PRZOOM / PRTODAY indexing services]

 
 
# # #
 
 
  Your Banner Ad showing on ALL
Energy articles,
CATCH Visitors via Your Competitors Announcements!


TAG Oil Announces Cheal Horizontal Well Success and Commercialization of Sidewinder Oil and Gas Discovery

Company website links NOT available to basic submissions
It is OK to republish and/or LINK any newswire for any legitimate media purpose as long as you name Newswire Today and LINK as the source.
 
  Is this your article?
Activate ALL web links and social stream by Upgrading to Press Release PREMIUM Plan Now!

TAG Oil Ltd |
Publisher Contact: Garth Johnson / Dan Brown - TagOil.com 
604-682-6496
 
Newswire Today - PRZOOM / PRTODAY disclaims any content contained in this article. If you need/wish to contact the company who published the current release, you will need to contact them - NOT us. Issuers of articles are solely responsible for the accuracy of their content. Our complete disclaimer appears here.
IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any TAG Oil Ltd securities in any jurisdiction including any other companies listed or named in this release.

Energy via RSSAdd NewswireToday - PRZOOM Headline News to FeedBurner
Find who RetweetFollow @NewswireTODAY



Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!


Read Latest Articles From TAG Oil Ltd / Company Profile


Read Energy Most Recent Related Newswires:

GE’s Energy Ecosystem Reveals Innovative Energy Solutions and Transformation Ideas to Help Meet Vietnam 2030 Power Targets
GE Launches OnBoard* - an Integrated Service Offering for Offshore Oil and Gas Water Treatment
Enel Begins Operations of New 150 MW Wind Farm in the United States
GE Announces Clarke Energy as a Jenbacher Gas Engines Distributor for an Additional Six Countries in Africa
ABB At Hannover Messe 2017 - Showcasing Customer Value in the Digital Age
Nord Stream 2 AG and European Energy Companies Sign Financing Agreements
GE Completes Acquisition of LM Wind Power
Enel Starts Construction of 300 MW Red Dirt Wind Farm in United States
ET Solar and DSM Announce Strategic Partnership to Accelerate Market Penetration of PV Modules Featuring Unique Sustainable and Durable Backsheets
El Lago Named 'Green Power Community' in Texas by U.S. EPA
GE and Southern California Edison Debut World’s First Battery-Gas Turbine Hybrid
GE Successfully Installed the First Unit of 1,500-Volt Solar Inverter in Japan
ENGIE Wins A 338 MWp Solar Project in India
GE & MGH Mark Commercial Operations of 9F Gas Turbines At Baghdad Power Plant
ENGIE and Axium Secure 50-year Comprehensive Energy Management Contract with The Ohio State University in the US

Boost Your Social Network
& Crowdfunding Campaigns


LIFETIME SOCIAL MEDIA WALL
NewswireToday Celebrates 10 Years in Business


PREMIUM Members


Visit  BizJobs.com

Visit  MagLar, Inc.





 
  ©2017 Newswire Today — Limelon Advertising, Co.
Home | About | Advertise/Pricing | Contact | Investors | Privacy/TOS | Sitemap | FRANCAIS
newswire, PR free press releases distribution service magazines engine news alert newsroom press room breaking news public relations articles company news alerts newswiredistribution ezine bizentrepreneur biznewstoday digital business report market search pr firms agencies reports distri-bution today investor relation successful internet entrepreneurs newswire distribution prtoday.com freenewswiredistribution asianewstoday bizwiretoday USA pr UK today - NOT affiliated with PRNewswire as we declined their partnership offer in 2013
 
PRTODAY & NewswireTODAY are NOT affiliated with USA TODAY (usatoday.com)