TAG Oil updates Pukatea-1 exploration well
Tuesday, Feb 27, 2018
TAG Oil Ltd. is pleased to provide the following update with respect to TAG Oil’s operated Pukatea-1 exploration well located in the Puka permit (PEP 51135, 70% TAG Oil) in the Taranaki Basin of New Zealand.

Pukatea-1 has reached a final total depth of ~3,100m measured depth after penetrating a (faulted) thickened overlying interval of basement rock without intersecting the Tikorangi Limestone formation. TAG Oil is encouraged by the intermittent hydrocarbon shows that were recorded within the section between ~2,520m and ~2,680m measured depth, and will proceed to run detailed electric wireline logs to evaluate these shows and the entire interval to ~3,100m.

Furthermore, as a result of the previously reported potential oil pay in the well’s Mt. Messenger secondary target oil zone, following wireline logging, TAG Oil is planning to initially focus on the Mt. Messenger oil zone and complete the well to enable a future production test. This will allow the Company to evaluate the production potential of the Mt. Messenger oil zone, and a successful test could also result in restarting oil production from the currently suspended Puka oil field.

Toby Pierce, TAG Oil’s CEO, commented, “We are encouraged by approximately 160m of intermittent hydrocarbon shows below the Mt. Messenger section. A similar interval is present in several of the offsetting wells to Pukatea-1, specifically Hu Road-1 and Waihapa-6, and wireline logs will give us more information and clarity around this interval and whether it is worth investigating further. Also, I would like to thank our team for their hard work in getting the well drilled safely, on budget, and on schedule directionally to a depth of approximately 3,100m.”    

For more information, please visit: https://www.tagoil.com

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