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TAG Oil's Ngapaeruru-1 Well Intersects Oil and Gas Shows in Source Rock
VANCOUVER, May 14, 2013 /CNW/ - TAG Oil Ltd. (TSX: TAO) and (OTCQX: TAOIF), reports that TA...
About this update from Tag Oil Ltd
[{"type":"text","content":"\n\n\n\n\n\nVANCOUVER, May 14, 2013 /CNW/ - TAG Oil Ltd. (TSX: TAO) and (OTCQX:\n TAOIF), reports that TAG's 100%-controlled Ngapaeruru-1 exploration\n well has reached a total depth of 1417 meters after successfully\n drilling through the Waipawa and Whangai source rock formations, the\n main objective of the well.\n\n\nExcellent mud gas shows - which indicate the presence of gas zones or\n soluble gas in oil - were recorded between the intervals of 1140 -\n 1295m (155m gross hydrocarbon column). Preliminary gas ratio analysis\n interprets a predominantly wet gas / oil signature. All data has now\n been forwarded to independent laboratories for expert analysis.\n\n\nIn addition, TAG Oil cut and recovered sidewall cores over 14 separate\n intervals within the 155 meters of potential unconventional oil and gas\n pay, sampled total organic content (TOC) and acquired in-situ gas analysis at depth. Detailed petrophysical evaluation is now\n underway with a full suite of unconventional logs to ascertain source\n rock quality, fracture identification, geochemistry, and rock moduli\n data. This data is critical to determining the most suitable completion\n method and production testing of the Ngapaeruru-1 well, as well as to\n better understanding the long term feasibility of TAG's East Coast\n Basin opportunity.\n\n\n\"Our team did an excellent job drilling this first ever unconventional\n target in the East Coast Basin,\" commented Drew Cadenhead, TAG's Chief\n Operating Officer. \"Diligence and communication made certain that the\n occasionally tricky drilling conditions in this Basin were handled as\n planned: safely, efficiently, and with no environmental incidents. The\n fact that early mud-log analysis has returned wet gas and oil\n indications is both encouraging and very exciting. We're looking\n forward to more detailed results once analysis of the data acquired\n from the Ngapaeruru-1 well is complete.\"\n\n\nNgapaeruru-1 is located in TAG's 100%-controlled Petroleum Exploration\n Permit 38349 in the East Coast Basin of New Zealand. The Ngapaeruru-1\n well represents New Zealand's first test directly targeting the\n naturally fractured Waipawa and Whangai formation source rocks which is\n believed to contain a significant oil and gas resource.\n\n\nFor further information on the Ngapaeruru-1 exploration well and TAG\n Oil's ...