Monday 7th March 2011 |
Text too small? |
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
No comments yet
SPG - Change to Executive Team
BGI - Forgiveness of $200,000 of secured indebtedness
General Capital Subsidiary General Finance Market Update
AFT,Massey Ventures,Gilles McIndoe to develop scar treatmen
April 24th Morning Report
Cheers to many fewer grape harvest spills
GTK - Half-Year Results Announcement Date
Government ends war on farming
Sky and BBC Studios renew expanded, multi-year agreement
AOF - Q1 Improved Trading Performance & FY24 Guidance Maintained