TAG Oil Announces Continued Exploration Success With Two New Sidewinder Wells; Senior Executive Randy Toone Appointed
VANCOUVER, March 19, 2013 /PRNewswire/ - TAG Oil Ltd. (TSX: TAO) and (OTCQX: TAOIF), is pleased to report that the Company has continued its exploration success in the 100% owned Sidewinder oil and gas field (Petroleum Mining Permit 53803) with the drilling and completion of the Sidewinder-A5 and Sidewinder-A6 step-out wells.
Consistent with the original four Sidewinder discovery wells drilled in the field to date, both wells encountered similar quality reservoir sands within the Mt. Messenger Formation at ~2000 meter depth.
New phase of oil and gas exploration drilling initiated at Sidewinder.
This new phase of oil and gas exploration drilling has been initiated 22-months after the initial Sidewinder discovery, infrastructure build and successful 4-well drilling program. TAG is now drilling the Sidewinder-A7 step-out with Sidewinder-A8 to follow. Based on drilling results to date, including permit-wide 2D and 3D seismic data, TAG believes that the Sidewinder permit has excellent future exploration potential and plans to pursue opportunities in both the shallow and more importantly the high impact Kapuni Formation prospects."We're happy to be back drilling at Sidewinder," commented Drew Cadenhead, TAG Oil's Chief Operating Officer. "We've picked up right where we left off with our fifth and sixth successful wells at Sidewinder. Continuing with this year's 13-well Taranaki drilling campaign, Sidewinder-A7 has now been spudded with Sidewinder-A8 to follow. We have now tied in Sidewinder-A5 and A6 to a flare tank for clean-up, followed by immediate tie-in to the Sidewinder Production Station for ongoing production. These Sidewinder oil and gas discoveries follow on from the original discovery wells drilled in 2010 and 2011, with the Sidewinder-A1, A2, A3 and A4 wells completed as shallow gas wells with associated light oil production. TAG will continue exploration drilling over the coming years within the Sidewinder permit, focusing on both the shallow and deep oil and gas exploration potential." For further information on TAG's 13-well drill program, please visit:
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