TAG Oil, reports that the Pukatea-1 well was completed at the Mt. Messenger formation, where 12.9 meters of oil-and-gas bearing sands were perforated. Following perforation, a flow test was completed during which the well flowed naturally at a rate of up to 600 b/d of fluids on initial well clean-up. Over a 12-hour test period using a 24/64â choke setting, the well flowed at a stabilized rate of ~276 boe/d (74% oil) without the need for artificial lift.Toby Pierce, TAG Oilâs CEO, commented:'This very encouraging flow test paves the way for another potential TAG Oil-operated, high netback, oil field development in New Zealand. With TAG Oilâs current daily net production at ~1,297 boe and with Brent Oil prices currently over $68/b, we continue to realize solid cash flows as we optimize our Taranaki operations with a view to increase production within our core operating areas.'Pukatea-1 is located in onshore Petroleum Exploration Permit 51153 (TAG Oil 70%) in the Taranaki Basin of New Zealand. The permit also contains the shut-in Puka-2 oil well, which can also be monetized upon field development. The oil produced during the Pukatea-1 flow test has been combined with other oil produced in the area and sold to the market at Brent Oil pricing.Original article linkSource: TAG Oil
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