Tag Oil Ltd., via wholly owned subsidiary Tag Oil (NZ) Ltd., is offering equity in its 100% owned exploration permit PEP 57065, located in the Taranaki Basin in return for a financially carrying it for future work commitments.  Awarded in April 2015, Tag received approvals to alter the permit work commitments in 2017 and again in March 2018. Having completed stages 1 and 2 work commitments which included the reprocessing of 65 km of 2D seismic data, the reprocessing of 20 sq. km of 3D seismic data (stage 1), and the drilling of appraisal well Supplejack A2X (stage 2), Tag is required to complete AVO analysis of 20 km of high resolution, long offset, 2D seismic data that was acquired in Q2 2018, before 1 December 2018. Further stage 3 work commitments include the merging and reprocessing of 15 sq. km of 3D seismic data and to make a drill or drop decision before 1 January 2019. Should Tag opt to commit to further work, the programme could include up to three exploration wells.    Tag has outlined three prospects which may form part of the potential future exploration programme. The drill ready Sequoia prospect is located in the southern portion of the permit and has in-place estimated resources of 11 MMbo. The Miocene Mount Messenger Formation would form the principal reservoir target. To the north of the prospect lie the Hades and the Harpoon prospects. Both structural prospects have mapped closures at the Mangahewa Formation level. With a greater areal extent and covered by part of the 2D seismic survey acquired in May 2018, it is likely that the Harpoon prospect would be a preferred target to the Hades prospect.  The Supplejack discovery lies between the Harpoon and the Sequoia prospects. The Supplejack 1 exploration well was spudded in PEP 38471 by Austral Pacific in 2005. Logs identified two zones of potential interest within the Mount Messenger Formation. The deeper zone, which was originally interpreted as oil bearing, failed to flow oil during testing. A second zone was identified as gas bearing which later flowed at mechanically constrained flow rates of up to 7.2 MMcfg/d. The Supplejack A2X appraisal well was subsequently drilled in March 2017 and was plugged and abandoned after intersecting water bearing sands with good quality reservoir.  PEP 57065, which covers an area of 60 sq. km was awarded in April 2015 after being applied for under the Block Offer 2014. Tag Oil (NZ) Ltd. holds 100% operated interest in the permit  Parties interested in pursuing this opportunity should contact:  Henrik Lundin â Chief Operations Officer  Email: henrik.lundin@tagoil.com  Tel: 0064 6 759 4019
Tag Oil Ltd., via wholly owned subsidiary Tag Oil (NZ) Ltd., is offering equity in its 100% owned exploration permit PEP 57065, located in the Taranaki Basin in return for a financially carrying it for future work commitments. 