New Zealand: TAG Oil, East West set four Taranaki wells

East West Petroleum Ltd. and TAG Oil Ltd. have formed a joint venture to drill four wells on three petroleum exploration permits in New Zealand’s Taranaki basin.

PEP 54876, 54877, and 54879, awarded to TAG Oil, add at least 10 shallow, low-risk drilling prospects and numerous leads identified on 3D seismic near Cheal oil field.

TAG Oil was also awarded a 100% interest in PEP 54873, which contains several shallow drilling leads and exploration upside via a drill-ready deep gas-condensate prospect that has similar geological features to adjacent 1.3 tcf Kapuni gas-condensate field. The four permits total 37,253 gross acres in the main Taranaki oil and gas fairway.

TAG Oil will operate the other three permits. East West will fund four wells on PEP 54876, 54877, and 54879 in 2013 to earn a 50% interest in PEP 54876 and PEP 54879 and a 30% interest in PEP 54877.

Meanwhile, TAG Oil said the Cheal-B8 well has reached a total depth of 3,600 m and encountered 26 m of high-quality oil and gas pay in the initial 2,000 m of the well. The company will perforate and production-test the well.

The company deepened the well 1,600 m to test a wildcat target in the Tikorangi formation, but electric logs did not indicate sufficient pay at that depth. TAG Oil noted that this result has no effect on the potential in the deeper Kapuni formation, a well established, commercially proven play level in numerous major fields discovered in the basin.

Related Articles

Kentucky: Daybreak furthers Twin Bottoms drilling campaign

09/15/2014 Daybreak Oil & Gas Inc., Spokane, Wash., has drilled its 10th and 11th horizontal oil wells at the Twin Bottoms Field in Lawrence County, Ky.

Federal judge finds BP E&P negligent in Macondo crude oil spill

09/12/2014 A nearly 5 million bbl crude oil spill following the 2010 Macondo deepwater well blowout in the Gulf of Mexico was the result of operator BP Explor...

Fitch: Drilling downturn might prompt some consolidation

09/08/2014 A cyclical downturn in offshore drilling might provide an opportunity for driller contractors having financial flexibility to buy their peers at fa...

Iraq: Kuwait Energy, Dragon Oil drilling well on Block 9

08/14/2014 An onshore exploration well being drilled on Iraq’s Block 9 has reached the first of its two targets, Dragon Oil PLC said in a statement posted on ...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected