TAG Oil Blog

FY 2014 Q1 Webcast & 12 Well Drilling Announcement

Posted by Denise Marshall on Aug 19, 2013 11:15:00 AM

If you missed last Wednesday's call with TAG CEO Garth Johnson and COO Drew Cadenhead, here's a recording here. 

Substantive and detailed, they ran through Q1 finances, a production report, and the kick-off of our 12-well drilling plan, targeting both deep and shallow oil and gas prospects. We're funding this fully ourselves, anticipating approximately $40 million to $42 million in capital expenditures, and we can't wait to bring more news as events unfold. In the meantime, have a listen to the call.

Topics: Financials, Financial coverage, Announcements

Prepping for a 12-well kickoff

Posted by Denise della Santina on Aug 15, 2013 9:52:00 AM

This coming weekend marks the kickoff of our 12-well drilling campaign, fully funded with income from the sale and production of TAG Oil's own Taranaki oil and gas, and the Company's strong balance sheet.

We'll start with the Cheal E-1 well, which continues TAG's shallow drilling program, and our first high-impact, deep gas well, Cardiff-3. should spud about four weeks later. Let's see if our unprecedented streak can continue. More reports soon as events unfold....

describe the image

Topics: Taranaki, Cheal Oil Field, Cardiff Deep Gas

100% compliance on the Ngapaeruru-1 well

Posted by Denise della Santina on Aug 12, 2013 2:15:00 PM

We’re happy to report the positive findings in a report by Horizons Regional Council, which tracks and manages the land, air, and water for a large portion of New Zealand’s north island.

Horizons visited TAG’s Ngapaeruru-1 site 11 times to monitor compliance during construction and drilling activities, and to take ground and surface water samples with each visit to test the different phases of well activity. Visits and water analysis showed no incidents – essentially giving TAG and the well site a clean bill of health.

TAG’s operating goal is to achieve 100% compliance during all activities of its drilling programs, whether it affects worker or environmental safety, and we thank our team for their care and commitment.

More about Horizons Regional Council

The Council focuses on biosecurity and biodiversity, and “works to identify potential hazards and risks to people, property, infrastructure, environment and the local economy.” The area they oversee:

  • Covers 22,215 sq km of land
  • Includes 160 km of coastline, with the Tasman Sea to the west and Pacific Ocean to the east
  • Extends 12 nautical miles out to sea
  • Is home to more than 220,000 people

More about Ngapaeruru-1

We continue to analyze the very encouraging drilling data, and our team expects to make a decision on future activities in the coming months. 

504 TAG ECB07.13 79

Topics: exploration well, East Coast Basin, third-party reports, unconventional oil