Thursday, June 23, 2011
TAG Oil Ltd.
TAG Oil reported that a 4-Point Isochronal flow test was completed over the main discovery zone in the Sidewinder-2 discovery well, which achieved stabilized flow rates of 8.8 million cubic feet per day (~1467 BOE per day) with less than a 25% drawdown.
The results from Sidewinder-2 further strengthen the already robust project economics, with anticipated full-time commercial production commencing upon completion of the new Sidewinder production facilities in a few months time. The Sidewinder-2 well is the fourth Sidewinder well that has been flow tested, all of which have achieved excellent flow rates, as summarized below:
Sidewinder Discovery Flow Test Results
| Sidewinder Well | Gas Flow Rate (MMcfpd) | BOE Flow Rate (boepd) | Final Drawdown Rate | Net O&G Encountered |
| Sidewinder-1 | 7.40 | 1,233 | 28% | 14 meters |
| Sidewinder-2 | 8.80 | 1,467 | 25% | 47 meters |
| Sidewinder-3 | 7.21 | 1,202 | 40% | 15.4 meters |
| Sidewinder-4 | 6.98 | 1,163 | 25% | 19 meters |
| Totals | 30.39 MMcfpd | 5,065 Boepd |
The Sidewinder-2 exploration well was drilled to a depth of 1,597 meters (5,238 feet), intersecting the main Sidewinder discovery zone, as well as four other separate oil-and-gas charged zones of interest totaling 47 meters (157 feet) of net pay. The interpreted pay zones are primarily within the Miocene-aged Mt. Messenger Formation; however oil shows were also encountered in the shallower Urenui Formation.
The Sidewinder oil and gas discoveries are located in TAG Oil's Petroleum Exploration Permit 38748 (TAG 100%) in the Taranaki Basin, New Zealand, with further exploration drilling in the lightly-explored area scheduled to recommence in September 2011. TAG will continue to target the widespread high-impact prospects identified in the Mt. Messenger Formation.
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