TAG Oil Cases Cheal-B1 Well
25 October 2006 - 10:26AM
PR Newswire (US)
Directional Well Indicates Oil and Moves to the Next Phase of Field
Development VANCOUVER, Oct. 24 /PRNewswire-FirstCall/ --
Independent Canadian oil and gas exploration company TAG Oil Ltd.
(TSX-V: TAO and OTCBB: TAGOF) announced that the Cheal-B1 well
located in PMP 38156-01 (TAG 30.5%) New Zealand, has reached a
total depth of 1863m (6112'). After evaluating the wireline logs,
the Joint Venture has agreed to run production casing and initiate
a program of completion testing. Cheal-B1 is the first step-out
well the Joint Venture has drilled from the Cheal "B" surface
location. The well was drilled directionally, targeting the Mt.
Messenger Formation, proven productive at the Cheal-A3X and
Cheal-A4 wells. The newly acquired Brecon 3-D seismic programme has
been utilized to target the Cheal-B1 well along with a number of
follow up locations in the Cheal Oil Field area. Participants in
the sidetrack operation are the Company (30.5%), Arrowhead Energy
Limited (33%) and Austral Pacific Energy (NZ) Limited (36.5%).
About TAG Oil: TAG Oil Ltd. is an independent Canadian oil and gas
exploration company with a well-balanced portfolio of assets in and
around the Canterbury, Taranaki and East Coast basins of New
Zealand. This regional focus supports the Company's mandate to
explore in countries with low political risk and low government
taxation, through the establishment of a portfolio of both high
risk/high reward exploration projects and low risk/moderate reward
acreage in producing basins. With exploration permits totaling
3,697,408 gross acres (net 1,858,048). TAG Oil is one of the
largest holders of prospective acreage in New Zealand. TAG Oil
trades on the TSX Venture Exchange (TSX-V) with the ticker symbol
TAO, and on the OTCBB with the symbol TAGOF. More information is
available on the Company's website at: http://www.tagoil.com/.
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. Actual results may vary materially from the
information provided in this release. As a result there is no
representation by TAG Oil that the proposed acquisition will be
finalized or that actual results realized in the future will be the
same in whole or in part as those presented herein. Actual results
may differ materially from the results predicted, and reported
results should not be considered as an indication of future
performance. Factors that could cause actual results to differ from
those contained in the forward-looking statements, other than those
related specifically to finalizing the proposed acquisition, are
set forth in filings that the Company has made, including the
Company's most recent reports in Canada under National Instrument
51-102 and in the United States under Forms 20-F and 6K. The TSX
Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. To
learn more about TAG Oil, please access the company's website at
http://www.tagoil.com/. CONTACT: Garth Johnson , (604) 609-3350
DATASOURCE: TAG Oil Ltd. CONTACT: Garth Johnson, , (604) 609-3350
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