TAG Oil Cases Mangamingi-1 Exploration Well
24 January 2007 - 7:22AM
PR Newswire (US)
VANCOUVER, Jan. 23 /PRNewswire-FirstCall/ -- Independent Canadian
oil and gas company TAG Oil Ltd. (TSX-V: TAO and OTCBB: TAGOF)
announced that the Mangamingi-1 exploration well drilled
directionally in PEP 38758 (TAG 100%) in onshore Taranaki, New
Zealand, has reached a total measured depth of 1,871m (6,138')
representing a true vertical depth of 1,550m (5,085'). After
evaluation of drilling data, the decision was made to case the well
in preparation for further testing. TAG Oil President Drew
Cadenhead commented: "Mangamingi-1 has confirmed our theory that
oil has migrated through the underlying wedge of thrusted basement
sediments and has accumulated in the overlying shallow Miocene
sediments in this under-explored eastern region of the Taranaki
Basin." The company will initiate a completion and testing program
dependant on equipment availability over the next two weeks. About
TAG Oil: TAG Oil Ltd. is an independent Canadian oil and gas
exploration and production company with a well-balanced portfolio
of assets in and around the Canterbury, Taranaki and East Coast
basins of New Zealand. With exploration permits totaling 3,686,593
gross acres (net 1,847,593). TAG Oil is one of the largest holders
of prospective acreage in New Zealand. 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 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, 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. CONTACT: Garth Johnson, , (604) 609-3350 DATASOURCE:
TAG Oil Ltd. CONTACT: Garth Johnson, , (604) 609-3350
Copyright