TAG OIL: PUKATEA-1 FLOWS OIL AND GAS IN NEW ZEALAND

March 28, 2018

TAG Oil Ltd. Based in Vancouver, B.C., reports that the Pukatea-1 well drilled in the Teranaki Basin onshore New Zealand, was completed at the Mt. Messenger formation, where 12.9 meters of oil-and-gas bearing sands were perforated. Following perforation, a flow test was completed during which the well flowed naturally at a rate of up to 600 b/d of fluids on initial well clean-up.
Toby Pierce, TAG Oil’s CEO, commented, “This very encouraging flow test paves the way for another potential TAG Oil-operated, high netback, oil field development in New Zealand. With TAG Oil’s current daily net production at 1,297 boe and with Brent Oil prices currently over $68/b, we continue to realize solid cash flows as we optimize our Taranaki operations with a view to increase production within our core operating areas.”
Pukatea-1 is located in onshore Petroleum Exploration Permit 51153 (TAG Oil 70%) in the Taranaki Basin of New Zealand. The permit also contains the shut-in Puka-2 oil well, which can also be monetized upon field development. The oil produced during the Pukatea-1 flow test has been combined with other oil produced in the area and sold to the market at Brent Oil pricing. (Source and image: Tag Oil)