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TAG Oil Ltd. reported that the Cheal-E-JV-6 well (TAG 70%), located in the onshore Taranaki Basin of New Zealand has been successfully drilled to a total depth of 1,939 meters (6,360 feet).
The Cheal-E6 step out well is interpreted to have intersected over 9 meters (29.5 feet) of net oil and gas bearing sands in the Mt. Messenger Formation, which was the main objective of the well. Cheal-E6 is being completed as a potential oil well with production testing to begin this week and, if economic, will be immediately commercialized through TAG's 100%-owned production infrastructure.
Based on the excellent performance and continued encouraging results of the Cheal-E site area, TAG will now proceed to drill the Cheal-E7 step out well (TAG 100%).