oil and gas find for TAG
Article – BusinessDesk
Nov. 4 (BusinessDesk) – Canadian oil and gasfield developer TAG OilLtd. is moving to commercialise an oil and gas find in the Mt Messengerformation, and is targeting look-alike formations nearby.
Commercial Taranaki oil and gas find for TAG
Nov. 4 (BusinessDesk) – Canadian oil and gasfield developer TAG OilLtd. is moving to commercialise an oil and gas find in the Mt Messengerformation, and is targeting look-alike formations nearby.
The decision follows 10 days of testing on oil and gas shows from theSidewinder-1 well, which initially found only natural gas, but hassince been producing increasing quantities of water-free crude oil.
“This is one of the strongest flow rates recorded from the Mt.Messenger Formation in Taranaki,” said TAG’s chief executive, GarthJohnson, in a statement posted with the Toronto Stock Exchange, whereTAG is listed. “Our technical team has identified numerous look-alikeprospects from 3-D seismic to drill within our 7910 acre explorationpermit area, with many being reachable from the same Sidewinder surfacelocation.
“We will now proceed with plans to commercialize this discovery andinitiate full-time production as rapidly and cost-effectively aspossible,” Johnson said.
Sidewinder-1 was drilled to a total depth of 1601m and encountered 14 meters of net oil and gas bearing sandstones.
Stabilized flow rates of 8.5 million cubic feet of gas plus 44barrels of oil per day for a total of 1461 barrels of oil equivalent perday, and a tubing restricted maximum gas flow rate of 13 million cubicfeet per day.
TAG also reported its Cheal-BH-1 horizontal well has now reachedtotal depth of 2285m, including a 550m horizontal section within the Mt.Messenger Formation (1735-2285m), and that uphole mudlogs have recordedbetter than expected oil and gas shows within the secondary UrenuiFormation target at a depth of approximately 1400m.
“In the Mt. Messenger horizontal section of the well, a total of 430mof continuous reservoir penetration is interpreted with high oil andgas readings during the drilling operations, which are complete.TAG isnow starting afive-stage fracture stimulation programme, which it isdeploying to seek harder to reach deposits in the Cheal explorationarea.
(BusinessDesk)