Business
TAG Oil Updates Cheal-E6 and Cheal-E7 Wells
VANCOUVER , Dec. 15, 2014 /CNW/ - TAG Oil Ltd. (TSX: TAO) and (OTCQX: TAOIF), is pleased ...
About this update from Tag Oil Ltd
[{"type":"text","content":"\n\nVANCOUVER, Dec. 15, 2014 /CNW/ - TAG Oil Ltd. (TSX: TAO) and (OTCQX: TAOIF), is pleased to report progress of the Cheal-E-JV-6 well (Cheal-E6) and Cheal-E7 wells, located in New Zealand's Taranaki Basin where TAG Oil has extensive oil and gas operations. These new wells continue to demonstrate the prospectivity and the potential for further success in TAG's Cheal acreage which remains relatively lightly explored. \n\nCheal-E6 Well Testing Operations:\n\nOver a period of eleven days the Cheal-E-JV-6 well (Cheal-E6) continues to naturally free flow under a 16/64 choke at stable rates. During the test period Cheal-E6 (TAG: 70%) produced an average of 325 boe/d (81% oil) for a total of 3,178 barrels of oil and 4,456 mscf of gas. The well will be shut-in for a planned pressure build-up test up for a period of three days and then will resume ongoing production into TAG's production facilities.\n\nCheal-E7 Drilling Operations:\n\nTAG has completed drilling of the Cheal-E7 well (TAG: 100%) to a total depth of 1,921 meters (6,302 feet) and interpretations of electric logs indicate the well has intersected over 10.6 meters (34.78 feet) of net oil and gas bearing sands in the Mt. Messenger Formation, the main objective of the well. Cheal-E7 is being completed as a potential oil well with production testing to begin in early 2015 and if economic, will be immediately commercialized through TAG's 100%-owned production infrastructure.\n\nTAG Oil Ltd\n\nTAG Oil Ltd. (http://www.tagoil.com/) is a Canadian-based oil and gas company with extensive operations in New Zealand. With 100% ownership over its core producing assets, including production infrastructure and associated pipeline, TAG is enjoying organic growth and shareholder value creation through development of its oil and gas discoveries. As New Zealand's leading explorer, TAG is focused on increasing reserves and production from low-risk development prospects and high-impact resource plays prospective for large oil and gas discovery in New Zealand.\n\nBOEs:\n\nTAG Oil has adopted the standard of six thousand cubic feet of gas to equal one barrel of oil when converting natural gas to \"BOEs.\" BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6Mcf: 1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and doe...