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TAG Spins Bit at Latest New Zealand Well; Conducts Seismic Ops in Australia

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TAG Oil has updated its ops in New Zealand and Australia.

New Zealand

Begun operations on the Pukatea-1 exploration well.

The primary objective of the Pukatea-1 well will be the deep Tikorangi Limestone formation, which will be drilled to a total depth of ~3,170m. The Pukatea-1 well is adjacent to the Waihapa oil field that has produced more than 23 MMbbl from the Tikorangi Limestone and where individual wells produced up to ~5,000 bbl/d.

In addition to the high impact Tikorangi Limestone exploration opportunity, TAG Oil has identified a secondary objective to intersect in the shallower Mt. Messenger formation while drilling on the way to the deeper target. This has resulted in some technical adjustments to the drilling plan, which include adding an additional wireline logging run for data gathering and an additional casing string to isolate the Mt. Messenger formation.

Australia

In Australia, production from the Bennett field is approximately 20 bbl/d of crude following improvements to the surface facilities at PL-17 and a pump change on the Bennett-4 well. Further, TAG Oil is encouraged by the continued steady production from the field despite it having been on production for approximately 50 years.

TAG Oil's interpretation and processing of the first modern 3D seismic recently acquired over of the core of the PL-17 acreage is nearing completion. The 70km2 of 3D seismic will provide an enhanced subsurface understanding of the Bennett and Leichardt fields and allow various drilling targets to be identified, with future drilling likely occur in late calendar 2018 or 2019.