TAG Oil gains two exploration permits in New Zealand

TAG Oil Ltd.

Canada's TAG Oil Ltd. reports that New Zealand Petroleum and Minerals has awarded the company 100% interest in two new onshore Taranaki Basin permits: Petroleum Exploration Permit 57065 (Sidewinder North) and Petroleum Exploration Permit 57063 (Waiiti).

Both permits, which add a combined 36,781 acres to TAG’s Taranaki Basin exploration portfolio, are situated in a prolific oil and gas production fairway in close proximity to producing oil and gas fields. Together with the company’s existing permits, TAG now operates 10 exploration and production permits in the Taranaki Basin, and a total of 16 permits, including a 40% interest in shallow water offshore Taranaki, along with interests in the East Coast and Canterbury basins.

The Sidewinder North acreage (14,726 acres) borders and likely extends TAG’s known Sidewinder oil and gas discovery play area as the permit contains the SuppleJack-1 oil and gas discovery made by TAG in 2006, providing an indication of the future follow on discovery potential within this acreage.

The Waiiti permit (22,055 acres), in the northern area of the Taranaki Basin, offers the company the opportunity to explore for both shallow Miocene oil and deep Eocene condensate-rich gas. A prior operator encountered significant elevated gas and oil shows while drilling the historical Pukearuhe-1 well within this new TAG Permit. Waiiti comprises an area of the Taranaki Basin in close proximity to the Pohokura (offshore) and Mangahewa (onshore) producing fields directly to the west of TAG’s new acreage. The geology of this northern area of the basin is interpreted to have many similarities to the Manutahi/Kauri oil and gas fields in the south part of the basin.

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