Exploration & Production | Drilling / Well Results | Top Story | Quarterly / Earnings Reports
TAG Poised for Growth; Touts Major Canterbury Potential
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TAG Oil Ltd. has reported the results for the March 31, 2013 fiscal year-end.
Poised for Many Years of GrowthDuring FY2012 and 2013, TAG Oil conducted an extensive Taranaki drilling campaign consisting of wells averaging approximately 2,000 meters depth, commonly referred to as TAG's shallow drilling program. This program, which targeted the Urenui and Mt. Messenger formations within the Company's 100% owned Cheal and Sidewinder fields, now provides TAG with ongoing high netback production and steady cash flow.
Decline rates from new wells tied in are now stable and in line with other typical Cheal wells on long term production. Some wells from the drilling campaign came onstream with record flow rates, however did not maintain these high rates and declined to production levels in line…
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