RE:Why?If you say something often enough, do you think it will make it true? It takes only 30 seconds on google to prove you are wrong.
From May 2015
https://www.energystream.co.nz/news/2015/may/29/tag%E2%80%99s-cheal-pipeline-completed-safely-on-budget-and-ahead-of-schedule
From Energystream May 2016
Planned activity includes increasing production through the implementation of a water-flood programme at the Cheal A, B and E-Sites; the installation of a rod pump in the Cheal-E1 well and the reactivation of several shut-in wells; and the acquisition and reprocessing of seismic data on the Cheal G and Wai-iti permits for appropriate future in-fill and exploration drilling opportunities.
And from today....
https://www.energystream.co.nz/news/2016/sep/2/september-2016-nz-og-industry-wrap-0
Canadian listed junior TAG Oil continues its steady financial and operational progress, with increased quarterly revenue, lower capital expenditure and virtually unchanged overall production for the June 2016 quarter.
Revenue from oil and gas sales increased for the three months -- from C$5.0 million for the March 2016 quarter to C$5.8 million for the latest quarter. Operating netback (an indication of how profitable production is) increased by 59%, from C$18.33 per barrel of oil equivalent (boe) for the March 2016 quarter to C$29.17 per boe for the latest period, with the increase due to the better Brent oil prices, coupled with a 4% decrease in production costs.
Total average net daily production of both oil and gas remained virtually unchanged, declining marginally from 1251 barrels of oil equivalent (boepd) (with 77% of that being oil) to 1222 boepd (76% oil).
Capital expenditure slipped slightly, from C$2.9 million to C$2.8 million, with the majority of that expenditure relating to the Cheal-B3 water flood project and TAG’s minor participation in the recent major onshore Kapuni seismic programme to include data acquisition from its Cheal-G site. But even with that reduced capital expenditure, TAG realised an increase in oil and gas sales subsequent to the quarter, including the recent testing of 254 bopd of condensate (light oil) from a previously unproduced interval of an existing Sidewinder well.
Upcoming activities include preparation for drilling the Cheal-E8 and E9 exploration wells, workovers for the Cheal-B6 and B7 wells, and a rod pump project for Cheal-E5. Given the recent excellent production result at Sidewinder, there is also the potential for TAG to convert additional Sidewinder wells into oil production wells. The company is also assessing several other similar bypassed pay opportunities to further enhance production in the near to medium term.
At June 30, 2016, the company had C$15.0 million in cash and cash equivalents and C$20.9 million in working capital, with no debt.