This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

TAG Oil Targets Unconventional Discoveries With First Oil And Gas Exploration Well In New Zealand's East Coast Basin

VANCOUVER, April 22, 2013 /PRNewswire/ - TAG Oil Ltd. (TSX: TAO) and (OTCQX: TAOIF), is pleased to announce that drilling of the Ngapaeruru-1 exploration well is now underway in TAG's 100% controlled Petroleum Exploration Permit 38349, located in the East Coast Basin of New Zealand. The Ngapaeruru-1 exploration well, spudded at 4:30am on April 22 nd, 2013 is targeting the Waipawa Black Shale and Whangai source rock formations at an anticipated depth of 1,800 meters, and will test the unconventional discovery potential in this portion of the Basin.

The Waipawa Black Shale and Whangai formations are high-quality source rock formations present throughout most of TAG's million-acre East Coast Basin land holdings. These oil-and gas-rich source rocks are comparable in total organic carbon content and oil and gas maturity levels to successful tight oil and gas plays such as North Dakota's Bakken shale in the prolific Williston Basin.

Garth Johnson, TAG Oil's CEO commented, "Our strategy has always been to build reserves, production infrastructure, and cash flow from our lower risk conventional assets, leveraging these successes to intelligently pursue high-impact opportunities such as the East Coast Basin. With TAG's continued success in the Taranaki Basin - and our successful commercialization of these discoveries - we continue to deliver on the first part of this plan. Drilling Ngapaeruru-1 is another step in delivering on our business plan: pursuing these higher risk, higher impact exploration wells from a very strong financial position."

Live oil recovered from shallow wells drilled by TAG in 2011, as well as oil sampled from seeps in the East Coast Basin, confirm that the source of the high-quality oil was generated from the Waipawa Black Shale and Whangai formations. Extensive geotechnical work on TAG's East Coast acreage, including proprietary 2D and 3D seismic, have confirmed that the source rock parameters in TAG's East Coast Basin play compare favorably to commercial unconventional plays throughout the world.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 16,472.37 +200.36 1.23%
S&P 500 1,951.36 +27.54 1.43%
NASDAQ 4,707.7750 +80.6910 1.74%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs