Field news and more

Another light oil discovery at Cheal

PEP 38156 (PMP 38156) came through. We drilled Cheal-B4ST to a total depth of 1810 meters, encountering 17 meters of net oil-bearing sandstones within the Urenui and Mt. Messenger Formations. Electric logs show great porosity and permeability, indicating four separate zones are likely to be oil-charged. Two of the four zones intersected are oil-bearing zones never before encountered in wells within this permit…demonstrating that the whole 7500-acre permit area is oil-prone, with multiple shallow horizons prospective for discovery. Now it’s on to flow testing and the rest of the planned…

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Preparations for Cheal-B4ST are in full swing

Permit 38156 is a hive of activity as we lay the groundwork for the new Cheal well. Cheal-B4 was suspended by its previous operator back in 2006…we’re eager to see if our tests bear out as we think they will based on our data.

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Sidewinder-2 began drilling today

As we start drilling Sidewinder-2, we’re hoping to encounter results similar to Sidewinder-1. One well at a time; only time will tell for sure. But we have confidence in our seismic, our New Zealand field team and recent oil and gas discoveries.

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Phase II ends and Phase III begins

Some pictures from the prep work for Phase 3 North Island Taranaki Basin ops, covering Cheal, Cardiff and Sidewinder.

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Mt. Messenger’s first horizontal oil well gets exciting results

We’ve tested a conservative range of low draw-down configurations at Cheal BH-1, with production rates from 400 to 500 barrels of oil equivalent (BOE) per day. Predominantly oil with no water, just how we like it. We’ll keep testing the full production capabilities of Cheal-BH-1 with the goal of optimizing daily flow rates and maximizing long-term reserve recovery, but this alone is great news.  

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Happy holidays everyone!

We’re taking some well-deserved time off to enjoy our warm winter holidays (a nice benefit to being in New Zealand). See you in 2011!

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PEP 52181: An offshore exploration opportunity

We just completed the acquisition of a 20% interest in offshore PEP 52181, just 8 km from shore, operated by ROC Oil. The Permit contains the Kaheru Prospect, a Miocene-aged prospect on the same successful thrust belt play fairway as many significant Taranaki oil and gas fields, including: Rimu, Kauri, Manutahi immediately north, and the Tariki, Ahuroa, Waihapa and Ngaere (“TAWN”) fields further north. Immediately to the west, the large Kupe Gas-Condensate field is now also in full production. All in all, a good addition to our prospect portfolio.

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We just broke Cheal’s production volume record!

Between Cheal-BH-1 testing strong and hitting the highest daily oil and gas production volume in Cheal’s history due to workover operations, we’re having a pretty good month. Plus it’s summer down here……  

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Mackie Research commences TAG Oil coverage

Mackie Research, which focuses on Mining (Gold) and Energy (Oil E&P), recently initiated coverage of TAG Oil.

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