Canada's Tag Oil has said that oil and gas has flowed from the Pukatea-1 well in New Zealand’s onshore Taranaki basin.
Canada's Tag Oil has said that oil and gas has flowed from the Pukatea-1 well in New Zealand’s onshore Taranaki basin.
Pukatea-1 is located in onshore Petroleum Exploration Permit 51153 (Tag Oil has 70 per cent) in the Taranaki Basin of New Zealand.
The well was completed at the Mt. Messenger formation, where 12.9 meters of oil-and-gas bearing sands were perforated. A flow test was completed during which the well flowed naturally at a rate of up to 600 bpd of fluids on initial well clean-up.
Toby Pierce, Tag Oil’s CEO, commented: “This very encouraging flow test paves the way for another potential Tag Oil-operated, high netback, oilfield development in New Zealand. With TAG Oil’s current daily net production at 1,297 boe and with Brent Oil prices currently over $68/b, we continue to realise solid cash flows as we optimise our Taranaki operations with a view to increase production within our core operating areas.”
Source: Pipeline ME
