News release last year... comical in hindsight Read the below news release from last year. producing at 4,000 boe/d with 3,500 boe/d behind pipe (which also doesn't include varios wells). To be guiding mrk with these sorts of numbers last year - you either have no clue, or you're misleading people. And sold shares after this release. So dirty.... crooks really. as an investor you should be able to trust mgmt not to guide production based fraudulent IP rates.
TAG’s Cheal-B7 Well Flows More Than 1,100 Barrels of Oil Per Day
Vancouver, B.C. – March 5, 2012 – TAG Oil Ltd. (TSX: TAO) and (OTCQX: TAOIF), is pleased to report
that TAG’s Cheal-B7 discovery well has been flow tested and is naturally flowing at an average rate of
more than 1,100 barrels of light oil per day plus associated gas. The Cheal-B7 well is located within
TAG’s 100%-owned Cheal oil and gas field, located in Petroleum Mining Permit 38156 in the Taranaki
Basin of New Zealand.
The Cheal-B7 well was drilled to a total depth of approximately 2,100 meters and encountered a total of
18 meters of high quality oil-and-gas-bearing sands within the targeted Urenui and Mt. Messenger
Formations, located to the northeast and up-dip of TAG’s recent Cheal-B5 oil well discovery.
With the Cheal-B7 well, TAG is currently producing more than 4,000 BOE’s per day with light oil
contributing approximately 70% to that daily production figure. In addition, TAG has another 3,500 BOE’s
per day of production, which is drilled and sitting behind pipe awaiting the expansion of the Company’s
infrastructure, which will allow this “behind pipe” production to be brought onstream.
These production figures do not include any production arising from the successful drilling of the ChealB6, Cheal-A9 and Cheal-A10 wells, which are currently being production tested. The Cheal-B6 well
encountered 14 meters of oil-and-gas-bearing sands within the Urenui and Mt. Messenger Formations
while the Cheal-A9 and Cheal-A10 wells encountered 10.5 meters of net pay and 13 meters of net pay
respectively within the targeted Urenui Formation.
TAG CEO Garth Johnson commented, “TAG’s Taranaki drilling continues to achieve very significant
results, which now stands at 14 consecutive successful wells. The Cheal-B6, A9 and A10 wells will be
tested over the next few weeks, and with another 10 wells planned in Taranaki this year, along with
workovers to certain existing wells, we will continue to build our reserve base and oil and gas production.
In order to facilitate the anticipated new oil and gas production, further expansion to the Cheal Production
Facility is now underway, which will ensure that all current and future Cheal wells can be produced
concurrently.”
TAG Oil Ltd.
TAG Oil Ltd. (https://www.tagoil.com/) is a Canadian-based production and exploration compan