TAG Oil Announces Mangamingi-1 Results and Updates Cheal Production Testing
March 02 2007 - 2:50PM
PR Newswire (US)
VANCOUVER, March 2 /PRNewswire-FirstCall/ -- Independent Canadian
oil and gas company TAG Oil Ltd. (TSX-V: TAO and OTCBB: TAGOF)
announced today that the Mangamingi-1 well in PEP 38758 (TAG 100%)
has been perforated from 1776.5-1786m (5828' - 5860') where the
well flowed natural gas to flare as well as some formation water.
The Company deemed the gas flow rates to be uneconomical given the
remote location of this wildcat well and have now initiated an
abandonment program. Follow up technical work is underway to high
grade areas of potential oil accumulation in this newly identified
hydrocarbon fairway. At the Cheal Oil Field located in PMP 38156
(TAG 30.5%), Cheal B-2 is currently under production test and is
averaging approximately 150 bbls/d + 100mcf/d of gas, gross. Cheal
B-2 is the third Cheal B well to be production tested and follows
Cheal B-3 which tested at rates of 450bbls/d and Cheal B-1 that
tested at rates of 133bbls/d + 225mcf/d of gas. Construction on the
permanent production facilities continues on schedule for
completion by mid-year. About TAG Oil: TAG Oil Ltd. is an
independent Canadian oil and gas exploration and production company
with a well-balanced portfolio of assets in and around the
Canterbury, Taranaki and East Coast basins of New Zealand. With
exploration permits totaling 1,704,918 gross acres (net 1,076,848)
TAG Oil is one of the largest holders of prospective acreage in New
Zealand. Forward Looking Statements: Statements contained in this
news release that are not historical facts are forward-looking
statements that involve various risks and uncertainty affecting the
business of TAG Oil. Actual results may vary materially from the
information provided in this release. As a result there is no
representation by TAG Oil that the actual results realized in the
future will be the same in whole or in part as those presented
herein. Actual results may differ materially from the results
predicted, and reported results should not be considered as an
indication of future performance. Factors that could cause actual
results to differ from those contained in the forward-looking
statements, are set forth in filings that the Company has made,
including the Company's most recent reports in Canada under
National Instrument 51-102 and in the United States under Forms
20-F and 6K. The TSX Venture Exchange has not reviewed and does not
accept responsibility for the adequacy or accuracy of this release.
CONTACT: Drew Cadenhead, , (646) 769-6065; Garth Johnson, , (604)
609-3350 DATASOURCE: TAG Oil Ltd. CONTACT: Drew Cadenhead, , (646)
769-6065; Garth Johnson, , (604) 609-3350
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