TAG Oil has made a multizone, light oil and gas discovery at the Sidewinder-2 well within the Mt Messenger Formation on petroleum exploration permit 38748 onshore Taranaki Basin in New Zealand.
The company encountered 47m of high-quality oil and gas-bearing sandstones, TAG's third new light oil and gas discovery in the last five months.
Drilled to a total depth of 1,597m, the well also encountered 'free oil' observed over the shakers during the drilling operation from multiple potential pay zones.
TAG is now preparing for flow testing over the next few weeks.
The firm will also drill the Sidewinder-3 exploration well from the same drilling pad, targeting a separate 3D seismic anomaly to the south of the existing Sidewinder discoveries.