VANCOUVER, Nov. 25, 2014 /PRNewswire/ - TAG Oil Ltd. (TSX:
TAO) and (OTCQX: TAOIF), is pleased to report that the Cheal-E-JV-6
("Cheal-E6") well (TAG 70%), located in the onshore Taranaki Basin
of New Zealand has been
successfully drilled to a total depth of 1,939 meters (6,360
feet).
The Cheal-E6 step out well is interpreted to have intersected
over 9 meters (29.5 feet) of net oil and gas bearing sands in the
Mt. Messenger Formation, which was the main objective of the well.
Cheal-E6 is being completed as a potential oil well with production
testing to begin this week and, if economic, will be immediately
commercialized through TAG's 100%-owned production
infrastructure.
Based on the excellent performance and continued encouraging
results of the Cheal-E site area, TAG will now proceed to drill the
Cheal-E7 step out well (TAG 100%).
For more information regarding TAG's drilling, completions and
field optimization program, including the uphole testing scheduling
of the Cardiff-3 deep well, please
click here:
http://www.tagoil.com/20141105_TAG-Oil-Taranaki-Development-Optimization.asp
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, TAG is
enjoying significant growth and shareholder value creation through
development of its oil and gas discoveries. As New Zealand's leading explorer, TAG is
focussed on growing reserves and production from an extensive
inventory of low risk development prospects and high impact
resource plays prospective for large oil and gas discovery in
New Zealand.
Cautionary Note Regarding Forward-Looking Statements:
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, 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.