Tag Oil Acquires Onshore Discoveries in New Zealand

Tag Oil has announced that it has acquired a petroleum mining permit, containing the Cardiff gas and condensate discoveries located in the Taranaki Basin, New Zealand.

The Cardiff structure is a large anticlinal trap with a number of potential pay zones within the Kapuni Sands Formation.

The upper Kapuni zone at Cardiff encountered 12m of net pay and flowed at more than three million cubic feet and 100 barrels of condensate per day.

Additionally, the deeper K1A and K3E zones also encountered strong gas shows with a gross 600m interval.

The various gas and condensate zones at Cardiff will be developed with horizontal-drilling and multi-stage fracturing technologies, Tag Oil said.

The permit, 38156-D, is located within the same permit boundary of 38156-S, where the company is currently producing oil and gas in shallower formations.