Field news and more

Casey Research, LLC joins the list of analysts with an eye on TAG Oil

Marin Katusa of Casey Research, LLC. is now among the analysts covering TAG Oil.    Please see all the analysts with investment coverage on TAG Oil here.

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Sidewinder-4 discovery well…good flow test

We drilled Sidewinder-4 exploration well (the Sidewinder oil and gas discovery is in TAG’s PEP 38748) to 1,410 meters, targeting a fault-bounded 3-D anomaly in the Mt. Messenger Formation. We drilled down-dip of Sidewinder-3 and encountered 19 meters of net oil-and-gas-charged sandstones, with no water column evident. A 4-Point Isochronal test achieved stabilized flow rates of 6.98 million cubic feet per day (~1163 BOE per day) with a 25% drawdown. Another success for our tech team.

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Results in a 2-for-1 test on the Mt. Messenger and Moki Formations

Drilled 3.5 km NW of the existing Mt. Messenger producing wells, our Cheal C1 test proves that Mt. Messenger’s oil saturated sandstone (~1600 m) extends further than was previously known. We encountered over 15 meters of net oil-and-gas bearing sandstones with good porosity and free oil. Though Mt. Messenger was our primary objective, we deepened it with a wildcat well to a total depth of 2382 meters to test the down-dip edge of a large closure within the deeper Moki Formation (~2200 m). We encountered strong oil and gas shows…

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Strong flow test at Sidewinder 3 makes for more good news

The test is done and the news is good: We drilled the Sidewinder-3 well (about 1 km south of Sidewinder 1) to a total depth of 2,160 meters and encountered 15.4 meters of net gas-bearing sandstones. We’ve drilled four wells so far, and the interpreted total hydrocarbon column at Sidewinder exceeds 60 meters in thickness, with no water column evident in any of the wells. A 4-Point Isochronal test achieved a stabilized flow rate of 7.2 million cubic feet per day (1200 BOE per day) with less than a 50%…

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Cheal-B4ST exploration well gives us a strong flow test from multiple zones

News just how we like it: We drilled the Cheal-B4ST vertical exploration well to 1821m and encountered net pay in both the Urenui and Mt. Messenger Formations. Flow rates averaged 400 BOE per day (360 barrels of oil + 240 thousand cubic feet gas) after the first week of production. The well encountered 17 meters of net pay within the Urenui at ~1400m and Mt. Messenger at ~1700m. These Miocene-aged zones were isolated and tested separately, confirming oil and gas flow rates from both. The Urenui test really opens a…

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Cheal-B4ST exploration well perforation

A few great photos of Darren dropping the bar to perforate Cheal-B4ST.   

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The roster of analysts continues to grow…as does TAG’s pipeline

David Beddis of Cormark Securities Inc. is now following TAG Oil. The current list of analysts includes: Peter Nicol of GMP Securities, Bill Newman of Mackie Research Capital, and Kevin Shaw of Wellington West Capital Markets Inc. While any opinions regarding TAG’s performance made by these analysts are theirs alone, we think the coverage is an indication of TAG Oil’s sound strategy borne out by recent drilling and discovery results. Meanwhile, lots of welding along the roadside as our pipeline grows. Most of this should be buried within a couple…

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Cormark Securities, oil and gas analysts

Cormark Securities Inc. oil and gas Analyst David Beddis initiated investment coverage on TAG today.

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TAG gets a substantial oil and gas reserve increase from Sproule

Sproule International Limited, one of Canada’s largest independent petroleum engineering consulting companies, has released an assessment of TAG’s reserves in the Cheal Mining Permit and Sidewinder Exploration Permit increasing our probable reserve substantially. After considering 2011 production, the 1,677,000 BOE in proved and probable reserves represents a 221% increase over their March 2010 reserve assessment. Due to fiscal year-end 2011 cut-offs and the timing of April and May Sidewinder ops, the reserves relate primarily to the Cheal oil and gas field. Sidewinder’s reserve assessment was completed with information related only…

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Cheal Exploration drilling with a step-out well

Exploration drilling is set to resume at Cheal; our next target is the Cheal-C1 exploration well, a 3.5-kilometer step-out well to the northwest of where we’re already producing light oil and gas. Cheal-C1 will test the Mt. Messenger (~1800m) and Urenui Formation sandstones (~1400m) ID’d on 3-D seismic and supported by strong bypassed oil and gas shows in the nearby deep Cardiff-1 well (~4000 meters) drilled by a previous operator back in 1995. Positive results from Cheal-C1 will lead to an immediate rig skid on the Cheal C site to…

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