TAG Oil's Deep Drilling Targets Large Onshore Gas/ Condensate Resource in Taranaki Basin

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[{"type":"text","content":"\n\n\nVANCOUVER, Sept. 17, 2013 /CNW/ - TAG Oil Ltd. (TSX: TAO) and (OTCQX:\n TAOIF), announces that the Cardiff-3 well located in Petroleum Mining\n License 38156 was spudded on September 2, 2013 and is presently\n drilling at a depth of approximately 1000 meters. The Cardiff-3 well\n will take approximately 30 more days to reach its total projected depth\n of 4,900 meters.\n\n\nCardiff-3 is the first of three back-to-back deep wells being drilled\n (Cardiff-3, Heatseeker-1 and Hellfire-1) by TAG (100%) targeting\n Taranaki's successful Kapuni Formation.\n\n\nAll three wells are situated within the Taranaki Basin's main deep\n discovery fairway, where proven producing reserves of 6.9 TCF of gas\n and 372 million barrels of oil/condensate have been discovered in the\n Eocene-aged Kapuni Formation so far. (Source: http://www.nzpam.govt.nz/cms/petroleum/facts-and-figures)\n\n\nCombined, the assessed \"mid-range\" resource potential for the Cardiff,\n Heatseeker and Hellfire prospects is 477 billion cubic feet of natural\n gas and 18 million barrels of associated condensates, as follows:\n\n\n\n\n \n\n\n \n\n\n \n\n\nGas (Bcf)\n\n\n \n\n\n \n\n\nCondensate (MMbbls)\n\n\n\n\nProspect\n\n\n \n\n\n \n\n\nP90\n\n\n \n\n\n \n\n\nP50\n\n\n \n\n\n \n\n\nP10\n\n\n \n\n\n \n\n\nP90\n\n\n \n\n\n \n\n\nP50\n\n\n \n\n\n \n\n\n P10\n\n\n\n\nCardiff \n\n\n \n\n\n \n\n\n68\n\n\n \n\n\n \n\n\n160\n\n\n \n\n\n \n\n\n382\n\n\n \n\n\n \n\n\n2.04\n\n\n \n\n\n \n\n\n5.49\n\n\n \n\n\n \n\n\n 15.15\n\n\n\n\nHeatseeker\n\n\n \n\n\n \n\n\n83\n\n\n \n\n\n \n\n\n197\n\n\n \n\n\n \n\n\n469\n\n\n \n\n\n \n\n\n2.50\n\n\n \n\n\n \n\n\n 7.90\n\n\n \n\n\n \n\n\n 18.75\n\n\n\n\nHellfire \n\n\n \n\n\n \n\n\n53\n\n\n \n\n\n \n\n\n120\n\n\n \n\n\n \n\n\n270\n\n\n \n\n\n \n\n\n1.59\n\n\n \n\n\n \n\n\n 4.78\n\n\n \n\n\n \n\n\n 10.79\n\n\n\n\nTotal   \n\n\n \n\n\n \n\n\n204\n\n\n \n\n\n \n\n\n477\n\n\n \n\n\n \n\n\n1,121\n\n\n \n\n\n \n\n\n6.13\n\n\n \n\n\n \n\n\n 18.17\n\n\n \n\n\n \n\n\n 44....

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