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TAG Oil Announces Fifth Exploration Discovery: Sidewinder-4 Well Strikes Oil and Gas Charged Sandstones
Published : May 06, 2011
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Mots clés associés :   Canada | Johnson |

VANCOUVER, May 6 /CNW/ - TAG Oil Ltd. (TSX-V: TAO) and (OTCQX: TAOIF) is very pleased to report that the Sidewinder-4 exploration well, located in TAG Oil's 100%-controlled New Zealand Petroleum Exploration Permit 38748, has been confirmed as a light oil and gas discovery. Along with the three previous Sidewinder discoveries, it is TAG Oil's fifth exploration success in the Taranaki Basin in the past six months.

The results from the Sidewinder-4 well indicate that the targeted oil-and-gas-charged Mt. Messenger Formation sandstones extend significantly to the east of the Sidewinder-1 discovery well. As noted previously in TAG Oil's April 5, 2011 Press Release (http://www.tagoil.com/20110405-Sidewinder-3-Fourth-New-Light-Oil-Discovery.asp), the Sidewinder-3 discovery well suggested that the Mt. Messenger Formation sandstones extend significantly south of the original Sidewinder-1 discovery as well.

The interpreted total hydrocarbon column at Sidewinder now exceeds 60 meters (196 feet) in thickness, with no water column evident in any of the Sidewinder wells. Together, the four Sidewinder wells drilled to date indicate that the size and scope of the Sidewinder discovery area is much larger than originally anticipated. Furthermore, the entire permit remains lightly explored and prospective for further oil and gas discoveries, with numerous drill-ready prospects.

The Sidewinder-4 well, which was sidetracked to a location down-dip of Sidewinder-3, targeted a fault-bounded 3-D anomaly, which intercepted a gross 29 meter-thick (95 feet) sandstone reservoir. The total depth of Sidewinder-4 is 1410 meters (4,626 feet), with 19 meters (62 feet) of net oil-and-gas-charged sandstones, with electric logs indicating hydrocarbon charge to the base of the sandstone. Free oil was observed over the shakers during the drilling operation from the target zone. And consistent with all of the Sidewinder wells drilled to date, the oil-and-gas-charged sandstones encountered in Sidewinder-4 have excellent porosity and permeability.

TAG is now preparing to commence the flow testing of the Sidewinder-2, Sidewinder-3 and Sidewinder-4 wells in a few weeks' time. All wells will be placed onto production through the Sidewinder Production Station, currently under construction with anticipated completion by mid-year 2011.

For further information on the Sidewinder-1 discovery flow-test result, please view TAG Oil's November 2, 2010 Press Release (http://www.tagoil.com/20101103-TAG-Oil-Announces-Strong-Results-at-Sidewinder-1-Flow-T.asp) announcing that Sidewinder-1 tested at 8.5 million cubic feet of gas plus 44 barrels of oil per day for a total of 1461 barrels of oil equivalent ("BOE") per day with no water.

TAG Oil Ltd.

TAG Oil Ltd. (http://www.tagoil.com/) is a Canadian-based production and exploration company with operations focused exclusively in New Zealand. With 100% control over all its core assets, including oil and gas production infrastructure, TAG is anticipating substantial oil and gas production and reserve growth through development of several light oil and gas discoveries. TAG is also actively drilling high-impact exploration prospects identified across 2,712 sections of land in the onshore Taranaki and East Coast Basins of New Zealand's North Island.

In the East Coast Basin, TAG Oil is pursuing the significant unconventional resource potential estimated in the fractured shale source-rock formations that are widespread over the Company's acreage. These oil-rich, naturally fractured and thermally mature source-rock formations have many similarities to North America's Bakken Shale source-rock formation in the successful Williston Basin.

"BOE"s may be misleading, particularly if used in isolation. A BOE conversion ratio of 6Mcf: 1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

Cautionary Note Regarding Forward-Looking Statements
Statements contained in this news release that are not historical facts are forward-looking statements that involve various risks and uncertainty affecting the business of TAG Oil. These statements are based on certain factors and assumptions including those related to the exploration and development of TAG Oil's Sidewinder-1, Sidewinder-2, Sidewinder-3 and Sidewinder-4 light oil and gas discoveries in the Taranaki Basin of New Zealand. Actual results may vary materially from the information provided in this release and there is no representation by TAG Oil that actual results realized in the future would be the same in whole or in part as those presented herein.

Factors that could cause actual results to differ from those contained in the forward-looking statements are set forth in, but are not limited to, filings that the Company and its independent evaluator have made, including the Company's most recent reports in Canada under National Instrument 51-101.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information:

Dan Brown or Garth Johnson, TAG Oil Ltd. 1-604-682-6496

Website: http://www.tagoil.com/

Données et statistiques pour les pays mentionnés : Canada | Tous
Cours de l'or et de l'argent pour les pays mentionnés : Canada | Tous

Tag Oil Ltd.

CODE : TAO.V
ISIN : CA87377N2005
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Tag Oil est une société d’exploration minière de pétrole basée au Canada.

Tag Oil est cotée au Canada. Sa capitalisation boursière aujourd'hui est 35,1 millions CA$ (25,6 millions US$, 23,9 millions €).

La valeur de son action a atteint son plus bas niveau récent le 24 décembre 2008 à 0,03 CA$, et son plus haut niveau récent le 04 février 2011 à 7,45 CA$.

Tag Oil possède 59 533 000 actions en circulation.

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Projets de Tag Oil Ltd.
18/05/2011Reports Substantial Year-End Reserve Increase to its Taranak...
Communiqués de Presse de Tag Oil Ltd.
05/07/2011Graduates to Canada's Senior Stock Exchange; Experienced Oil...
23/06/2011Sidewinder-2 Discovery Well Flows at 1467 Barrels of Oil Equ...
09/06/2011Strong Flow Test Results for TAG Oil's Sidewinder-4 well, Si...
07/06/2011Cheal-C1 Well Extends Known Mt. Messenger Oil Saturation Are...
02/06/2011Reports Strong Flow Test at Sidewinder-3 Discovery, and On-T...
31/05/2011Announces Strong Flow Test Result From Multiple Zone Oil Dis...
06/05/2011Announces Fifth Exploration Discovery: Sidewinder-4 Well Str...
08/04/2011Sidewinder-3 Exploration Well Strikes Light Oil & Gas in Tar...
06/04/2011Begins Trading on OTCQX International in the United States
14/03/2011Announces its Third New Light Oil and Gas Discovery in Five ...
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