VANCOUVER, Dec. 15, 2014 /PRNewswire/ - TAG Oil Ltd. (TSX:
TAO) and (OTCQX: TAOIF), is pleased to report progress of the
Cheal-E-JV-6 well (Cheal-E6) and Cheal-E7 wells, located in
New Zealand's Taranaki Basin where
TAG Oil has extensive oil and gas operations. These new wells
continue to demonstrate the prospectivity and the potential for
further success in TAG's Cheal acreage which remains relatively
lightly explored.
Cheal-E6 Well Testing Operations:
Over a period of eleven days the Cheal-E-JV-6 well (Cheal-E6)
continues to naturally free flow under a 16/64 choke at stable
rates. During the test period Cheal-E6 (TAG: 70%) produced an
average of 325 boe/d (81% oil) for a total of 3,178 barrels of oil
and 4,456 mscf of gas. The well will be shut-in for a planned
pressure build-up test up for a period of three days and then will
resume ongoing production into TAG's production facilities.
Cheal-E7 Drilling Operations:
TAG has completed drilling of the Cheal-E7 well (TAG: 100%) to a
total depth of 1,921 meters (6,302 feet) and interpretations of
electric logs indicate the well has intersected over 10.6 meters
(34.78 feet) of net oil and gas bearing sands in the Mt. Messenger
Formation, the main objective of the well. Cheal-E7 is being
completed as a potential oil well with production testing to begin
in early 2015 and if economic, will be immediately commercialized
through TAG's 100%-owned production infrastructure.
TAG Oil Ltd
TAG Oil Ltd. (http://www.tagoil.com/) is a Canadian-based oil
and gas company with extensive operations in New Zealand. With 100% ownership over its core
producing assets, including production infrastructure and
associated pipeline, TAG is enjoying organic growth and shareholder
value creation through development of its oil and gas discoveries.
As New Zealand's leading explorer,
TAG is focused on increasing reserves and production from low-risk
development prospects and high-impact resource plays prospective
for large oil and gas discovery in New
Zealand.
BOEs:
TAG Oil has adopted the standard of six thousand cubic feet of
gas to equal one barrel of oil when converting natural gas to
"BOEs." BOEs may be misleading, particularly if used in isolation.
A BOE conversion ratio of 6Mcf: 1 Bbl is based on an energy
equivalency conversion method primarily applicable at the burner
tip and does not represent a value equivalency at the wellhead.
Cautionary Note Regarding Forward-Looking Statements and
BOEs:
Statements contained in this news release that are not historical
facts are forward-looking statements that involve various risks and
uncertainty affecting the business of TAG. Such statements can be
generally, but not always, be identified by words such as
"expects", "plans", "anticipates", "intends", "estimates",
"forecasts", "guidance", "schedules", "prepares", "potential" and
similar expressions, or that events or conditions "will", "would",
"may", "could" or "should" occur. All estimates and statements that
describe the Company's objectives, goals, forecasts, guidance,
production rates, test rates, optimization, timing of operations,
increased pace of drilling, statements regarding prospects being
drill ready and/or future plans with respect to the drilling and
field optimization work in the Taranaki Basin are forward-looking
statements under applicable securities laws and necessarily involve
risks and uncertainties including, without limitation: risks
associated with oil and gas exploration, development, exploitation
and production, geological risks, marketing and transportation,
availability of adequate funding, volatility of commodity prices,
environmental risks, competition from other producers, and changes
in the regulatory and taxation environment. Actual results may vary
materially from the information provided in this release, and there
is no representation by TAG Oil that the actual results realized in
the future would be the same in whole or in part as those presented
herein.
Other factors that could cause actual results to differ from
those contained in the forward-looking statements are also set
forth in filings that TAG and its independent evaluator have made,
including TAG's most recently filed reports in Canada under NI 51-101, which can be found
under TAG's SEDAR profile at www.sedar.com. TAG undertakes no
obligation, except as otherwise required by law, to update these
forward-looking statements in the event that management's beliefs,
estimates or opinions, or other factors change.
SOURCE TAG Oil Ltd.