Profile: TAG Oil Ltd (TAOIF.PK)
21 Jul 2017
TAG Oil Ltd. (TAG), incorporated on December 12, 1990, is an oil and gas producer and explorer with operations and production infrastructure in the Taranaki Basin of New Zealand. The Company controls a land holding consisting of approximately eight onshore oil and gas permits amounting to over 67,000 net acres of land. The Company's property includes Taranaki Basin. The Taranaki Basin is an oil, gas and condensate rich area located on the North Island of New Zealand. The Taranaki Basin covers an area of approximately 100,000 square kilometers. The proven Taranaki oil reserves of over 530 million barrels, and proven gas reserves of approximately 7.3 trillion cubic feet (Tcf) have been discovered. Within the Taranaki Basin, the Company holds various working interests, including approximately 100% interest in the Cheal PMP 38156 and the Sidewinder PMP 53803 mining permits; approximately 100% interest in PEP 55769 (Sidewinder East) and PEP 57065 (Sidewinder North) exploration permits; approximately 100% interest in PEP 57063 (Waiiti) exploration permit; over 70% interest in the Cheal North East PEP 54877 exploration permit; approximately 50% interest in the Cheal South PEP 54879 exploration permit, and over 70% interest in PEP 51153 (Puka) exploration permit.
The Cheal, Greater Cheal, and Sidewinder fields have approximately 20 shallow wells on full, part-time or constrained production out of a total of over 40 wells. The Company's shallow Miocene has net production of approximately 1,250 barrel of oil equivalent per day (BOE/d) (77% oil). The Cheal A, B and C facilities (PMP 38156: TAG 100% interest) have produced an average of over 870 BOE/d (91% oil). The Cheal North East permit (PEP 54877: TAG 70% interest) has produced an average of approximately 330 net BOE/d (53% oil). The Sidewinder field has produced an average of over 50 BOE/d (3% oil). The Company's approximately 100% controlled mining permit, PMP 38156, where the Company's Cheal oil field is located, also contains the Cardiff structure of the deeper Kapuni Group formations. The Cardiff structure, identified on seismic, is a linear fault bound high, which is approximately 10 kilometers long and over three kilometers wide. The deepest zone, the K3E is one of the producing intervals of the Kapuni Field, a legacy pool with estimated recoverable reserves of over 1.4 Tcf of gas. The upper two zones, which remain untested in the Cardiff well, are the main producing intervals in the offsetting deep gas condensate fields, including McKee, Mangahewa, and Pohokura. The Cardiff-3 well was drilled from the Cheal C-Site, which is connected by pipeline to the Cheal A-Site processing facilities, and it provides open access to the New Zealand gas sales network. The Hellfire prospect, located within PMP 53803, has been identified on three dimension (3D) seismic and has similar geological features to the producing Kapuni field.
TAG Oil Ltd
885 Georgia St W Suite 2040
VANCOUVER BC V6C 3E8
Company Web Links
- BRIEF-TAG Oil says average net daily production rose 3 pct for qtr ended March 31, 2017
- BRIEF-TAG Oil says capital budget for 2018 fiscal year will be up to about C$27.4 mln
- BRIEF-Tag Oil provides update on operations in Taranaki basin, New Zealand
- BRIEF-Tag Oil announces upsize of short-form prospectus offering
- BRIEF-TAG Oil announces short-form prospectus offering to raise up to $10 mln