The TAG Oil team already sees lots of drilling possibilities in our new Australian permit on vintage seismic. But we’ll soon be taking advantage of modern exploration technology on oil and gas lease PL17.
We know there’s oil in the area, because PL17 is located a mere 20 km from the conventional Moonie Oil Field, which has produced about 25 mmbbls to date. And we know there’s oil in our permit, because two wells drilled in the 1960s are still producing, with very little work having been done to the existing wells.
What else gets us excited? That the oil receives premium Brent oil pricing plus $5! In fact, the raw oil is such high quality that it can be run through diesel generators right from the holding tanks in the field – without being refined or processed.
But first things first. TAG is preparing the first ever permit-wide 3D seismic program on PL-17 to better define our targets, and maybe reveal more, including the Permian formation potential, where the big prize could be waiting. As indicated in our January 31, 2017 Press Release we see great potential in PL17, as well as TAG’s foray into Australia, where we expect to continue expanding our footprint. Stay tuned folks.