TAG Oil Spuds Ratanui-1, Updates Operations
01 February 2007 - 11:05AM
PR Newswire (US)
VANCOUVER, Jan. 31 /PRNewswire-FirstCall/ -- Independent Canadian
oil and gas company TAG Oil Ltd. (TSX-V: TAO and OTCBB: TAGOF)
announced that the Ratanui-1 exploration well in PEP 38741 (TAG
45%) in onshore Taranaki, New Zealand, is expected to commence
drilling operations later today. The well is scheduled to drill to
a depth of 2,120m (6,955'), and will take approximately 14 days to
reach total depth. The well is targeting two separate zones within
the Miocene-aged Mt Messenger Formation. TAG Oil President Drew
Cadenhead commented: "Ratanui-1 is a follow-up to our SuppleJack
discovery last year. We have confirmed this area to be oil and gas
bearing with the SuppleJack wells, Ratanui is targeting the same
Formations." Mangamingi-1: After analyzing oil shows and wireline
log data from the recently drilled Mangamingi-1 well (TAG 100%) in
PEP 38758, onshore Taranaki, New Zealand, a completion and testing
program is now under design. It is anticipated that the Ensign
Service Rig #6, which is scheduled for availability the fourth week
of February, will be utilized for the work. Cheal: The Cheal
development program in PMP 38156-S (TAG 30.5%), onshore Taranaki,
New Zealand, is progressing on time and on budget. Production
testing has now been initiated on the recently drilled Cheal-B site
wells. Cheal B-3 is currently under test and has averaged 450 BOPD
in the first seven days of the test program. TAG Oil President Drew
Cadenhead commented: "Cheal B-3 is our first well to be tested of
the recent four-well drilling campaign. This well is showing
impressive potential so far, we look forward to the cash flow from
the Cheal program as a whole, which is on schedule for full
capacity by mid-year." 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
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