TAG Discovers Light Oil in New Zealand

TAG Oil has discovered multizone light oil in the Cheal-B4ST well in Petroleum Mining Permit 38156 (PMP 38156) in the Taranaki Basin, New Zealand.

The well, which was drilled to a total depth of 1,810m, has met 17m of net oil-bearing sandstones within the Urenui and Mount Messenger formations.

Interpretation of the logs indicate four separate zones, of which two intersected oil-bearings.

The firm has reported that the whole of the PMP 38156 area, which covers about 30km², is oil-prone with multiple shallow horizons that have potential for discovery.

TAG will complete Cheal-B4ST to prepare for flow testing in the next few weeks.