Tag Oil reports Taranaki oil find

Canadian-listed Tag Oil is reporting a light oil discovery at its onshore Taranaki prospect.

The Cheal-B4ST well, drilled to 1810m, encountered 17m of net oil-bearing sandstones. Electric logs indicated four separate zones were likely to be oil-charged with excellent porosity and permeability, Tag said in an announcement on the TSX Venture Exchange.

Two of the four zones intersected were oil-bearing zones never before encountered in wells within the 30.3sq km permit area, Tag said.

That further proved the permit area was oil-prone, with multiple shallow horizons prospective for discovery.

The Cheal-B4ST well would now be completed in preparation for flow testing in coming weeks, the company said.

The well was the first in a series of high-impact exploration wells to be drilled in its onshore Taranaki Basin acreage.

NZPA

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