Exploration & Production
TAG Oil Bags Additional Taranaki Basin Acreage; Plans Wells
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TAG Oil Ltd. has reported that New Zealand Petroleum and Minerals has awarded TAG Oil Ltd. four onshore exploration blocks offered in New Zealand's 2012 Block Offer.
The permits awarded have been assigned the Petroleum Exploration Permit (PEP) numbers 54873, 54876, 54877, 54879 and are all located in the Taranaki Basin, New Zealand.
Key attributes to these awards are: 37,253 additional gross acres in the main Taranaki oil and gas discovery fairway; Extensive TAG controlled proprietary 3D seismic coverage over three of the four new permits; PEP's 54876, 54877, and 54879 initially add at least 10 shallow, low-risk drilling prospects plus numerous leads identified on 3D seismic in close proximity to the producing Cheal oil field; Joint venture created with East West Petroleum Ltd.; TAG will…Finish this article — free account or subscription
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