VANCOUVER, Feb. 12, 2018 /PRNewswire/ - TAG Oil Ltd. (the "Company" or "TAG Oil") (TSX: TAO and OTCQX: TAOIF) is pleased to provide a positive update on its Pukatea-1 exploration well which was spudded on January 24, 2018. The Pukatea-1 well is located in TAG Oil's operated Puka permit (PEP 51135, 70% TAG Oil) in the Taranaki Basin of New Zealand.
Intermediate casing has been set and TAG Oil anticipates that it will take approximately seven to ten more days to reach the top of the primary deep Tikorangi Limestone formation target. The total current planned depth of the well is ~3,170m measured depth.
Potential oil pay encountered in the Mt. Messenger Formation
Pukatea-1 and has encountered potential oil pay in the well's secondary Mt. Messenger target ~10.4m of true vertical thickness (~13.7m measured) gross sandstone within the shallower Mt. Messenger formation target at a depth of ~1,618m measured depth. Electric log data analysis indicates that there is at least one potentially oil-charged zone with movable hydrocarbons, excellent porosity and permeability. Maximum total gas reached 19.2%, good oil fluorescence was observed, and clean sand similar to the Puka-2 well was also observed by the wellsite geologist.
Toby Pierce, TAG Oil's CEO, commented, "We are very pleased so far with the results from the Mt. Messenger sands. It is highly probable that we can produce from the Mt. Messenger zone in this well in due course and, along with the shut-in Puka-2 wellbore, will allow us to monetize this asset at the appropriate time. Further, the well is currently on budget and schedule, and we are excited ahead of penetrating the primary Tikorangi target in approximately one week's time. Finally, TAG Oil expects to release its Q3/18 results on the morning of February 14, 2018, and will update the market immediately following definitive results from the primary Tikorangi exploration target in due course."
About TAG Oil Ltd.
TAG Oil (http://www.tagoil.com/) is an international oil and gas explorer with established high netback production, development and exploration assets, including production infrastructure in New Zealand and Australia. TAG Oil is poised for significant reserve and production growth with several oil and gas fields under development and high-impact exploration in proven oil and gas fairways. TAG Oil is debt-free and currently has 85,282,252 shares outstanding.
Cautionary Note Regarding Forward-Looking Statements and Disclaimer
Statements contained in this release that are not historical facts are forward-looking statements that involve various risks and uncertainty affecting the business of TAG Oil. Such statements can generally, but not always, be identified by words such as "expects", "plans", "anticipates", "intends", "estimates", "forecasts", "schedules", "prepares", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. All estimates and statements that describe TAG Oil's plans relating to operations at the Puka permit are forward-looking statements under applicable securities laws and necessarily involve risks and uncertainties. Actual results may vary materially from the information provided in this release, and there is no representation by TAG Oil that the actual results realized in the future will be the same in whole or in part as those presented herein.
Other factors that could cause actual results to differ from those contained in the forward-looking statements are also set forth in filings that TAG Oil and its independent evaluator have made, including TAG Oil's most recently filed reports in Canada under National Instrument 51-101, which can be found under TAG Oil's SEDAR profile at www.sedar.com. TAG Oil undertakes no obligation, except as otherwise required by law, to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors change.
Certain information in this release may constitute "analogous information" as defined in NI 51-101, including, but not limited to, information relating to areas with similar geological characteristics to the lands held by the Company. Such information is derived from a variety of publicly available information from government sources, regulatory agencies, public databases or other industry participants (as at the date stated therein) that the Company believes are predominantly independent in nature. The Company believes this information is relevant as it helps to define the reservoir characteristics in which the Company may hold an interest. The Company is unable to confirm that the analogous information was prepared by a qualified reserves evaluator or auditor and in accordance with the COGE Handbook. Such information is not an estimate of the reserves or resources attributable to lands held or to be held by the Company and there is no certainty that the reservoir data and economics information for the lands held by the Company will be similar to the information presented therein. The reader is cautioned that the data relied upon by the Company may be in error and/or may not be analogous to the Company's land holdings.
SOURCE TAG Oil Ltd.