TAG Oil Blog

TAG Oil Proud to be an “Overall Energy Company of the Year” Finalist

Posted by Denise della Santina on Aug 19, 2014 11:41:00 AM

Following a rigorous judging process, TAG Oil was delighted to be a finalist in the prestigious Deloitte Energy Excellence Awards, as one of just four companies in the Overall Energy Company of the Year category. 

Chairman of the Judging Panel Richard Westlake said the caliber of entries was extremely high and the finalist selection process had been a tough one. The finalists were: 

  • Meridian Energy
  • TAG Oil
  • Shell New Zealand
  • Mighty River Power

Although TAG Oil was edged out by global “supermajor” Shell (Shell New Zealand), we got great feedback and support, and are pleased with what we’ve accomplished in New Zealand to date.  Said Judge Westlake, "The judging panel was impressed by the depth and quality of the entries and our task certainly hasn't been easy. Some of the entries this year were the best the panel has seen."

Energy Awards 2 edit

Representing TAG Oil at the blacktie gala were, left to right: Ryan Brown, Carey Davis, Chris Ferguson, Shane Hamnett and Drew Cadenhead. 


Now in their fifth year, the Excellence Awards provide an opportunity to recognize excellence and achievement across the electricity, oil, gas and petroleum industries.

Whether it’s providing New Zealand homes and businesses with a reliable energy supply or exploring the country’s underdeveloped resources, this sector provides exciting opportunities for innovation and investment.               

The Deloitte Energy Excellence Awards have been formed to recognise and celebrate excellence across the many disciplines that comprise the sector. “                       

                                     --- Hon Simon Bridges, Minister of Energy and Resources

 

Topics: community, Announcements, TAG shareholders, New Zealand

Cheal Oil & Gas Field: Good News for Production and Development Drilling

Posted by Denise della Santina on Aug 13, 2014 8:14:00 AM

As announced last week, shallow development drilling and production in the Taranaki are averaging about 1,959 barrels of oil equivalent (“boe”) per day, 80% of which is oil. So we're on track with the estimates CEO Garth Johnson and COO Drew Cadenhead gave in TAG Oil's last quarterly call. With continued success via the drill bit, the Company expects to meet its May 2014 forecast of an average daily production rate of 2,000 boe per day and cash flow generated from operations of $40 million for FY 2015.

Almost all of the current production comes from TAG Oil’s lightly explored Cheal and Greater Cheal oil and gas fields. When we include our Sidewinder field, we have another 50 shallow, drill-ready prospects identified, and we expect more to come as work continues over the years ahead.

After a drop in gas production in Q3/Q4 2014, daily production rates for the last three quarters have stabilized, with high-net-back oil steadily growing to 78% of the daily production. Growing oil production generates stronger revenues, as seen in Q4/14 and Q1/15: increased oil production has resulted in netbacks increasing from $49 per BOE in Q1/14 to more than $70 per BOE in Q1/15.

TAG gas oil rev chart 8.14

Topics: Cheal Production Facility, Taranaki, Cheal oil and gas site, oil and gas production

Cheal South Permit Testing Update

Posted by Denise della Santina on Aug 11, 2014 9:30:00 AM

Here are a few pictures of our Cheal South permit (TAG Oil: 50% interest), during initial testing of the Cheal-G1 well that may prove to be economic.

As announced back in May, in a 50-50 joint venture with East West Petroleum, TAG drilled four shallow exploration wells and one exploration sidetrack well within the Cheal South and Southern Cross areas. While the other wells on this site were plugged and abandoned, the Cheal-G1 well is currently undergoing production testing as a new discovery. 

Pic1

Site setup for G1 well testing - flare tank (center) lineheater (middle) test separator (right) power fluid (left).

Pic2

G1 power fluid pump and temporary tanks.

     

Pic3

G1 temporary wellhead hookup.
 

Pic4

Flaring off excess G1 gas during testing, the only time it’s necessary anymore.
 

     

Pic5

Self-contained well test separator complete with gas, water, and hydrocarbon measurement.

Topics: Taranaki, New Zealand, Cheal G site, Cheal Oil Field

Welcome aboard, Max

Posted by Denise della Santina on Aug 6, 2014 10:23:00 PM

As we bid goodbye to Randy Toone, who returns to North America, we’re happy to welcome, effective September 1, 2014, Max Murray to the TAG Oil team as our New Zealand Country Manager.

MaxMurrayMax is a 30-year oil and gas industry veteran with a deep understanding of the New Zealand oil and gas landscape. He’s an excellent person to help TAG continue its evolution from a junior explorer to the busiest integrated explorer and producer of oil and gas in New Zealand.

Over six years with Origin Energy, Max was most recently Manager of Production Upstream E&P and Senior In-Country Manager, accountable for the safe and efficient operation of all producing assets across Australia and New Zealand. Max previously held senior positions with Swift Energy New Zealand, Ras Laffan Liquefied Natural Gas Co. Ltd., and Methanex New Zealand.

Topics: Announcements, New Zealand