"We initially anticipated phasing in shut-in production over the next few fiscal periods; however, after considering a number of factors, the long term benefits of conserving in situ reservoir energy until our gas infrastructure is complete far outweigh the optics of short term production increases," Mr. Johnson commented."Our shut-in wells have all been production tested and we remain confident of meeting or exceeding our production guidance of 5,000 BOE per day. We also look forward to investing the associated cash flow into more exciting high-impact exploration and development drilling opportunities in 2013 across a significant prospect portfolio."An Update on Cheal-B8 Drilling The Cheal-B8 well has reached a total depth of 3,600 meters encountering 26 meters of high quality oil-and-gas pay within the initial 2,000 meters of the well. TAG will mobilize a service rig to Cheal-B8 in the next two weeks to perforate and production test the well.
TAG Awarded Taranaki Exploration Acreage & Provides A Production And Operations Update
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts