Project Profile
Value: Undisclosed
Location: Onshore Taranaki Basin, New Zealand
Reserves: 6.9 trillion cubic feet (Tcf) of gas and 372 million barrels of oil/condensate
Start-up Year: -
Petroleum Mining License (PMP) 38156 is located in onshore Taranaki Basin, New Zealand. The Cardiff prospect is the main reservoir target and three wells have been drilled so far. All three wells situated within the Taranaki Basin’s main deep discovery fairway, where proven producing reserves of 6.9 trillion cubic feet (Tcf) of gas and 372 million barrels of oil/condensate have been discovered in the Eocene-aged Kapuni Formation so far. TAG Oil Ltd. is the operator of the license.
Sproule International Limited has independently assessed the resource potential for Cardiff, and TAG’s internal qualified reserve evaluator has assessed the resource potential of the Heatseeker and Hellfire prospects, all with an effective date of July 31st, 2013. These deep wells are part of TAG’s 11 well drilling campaign in Taranaki, which will be completed over the next six months. This program consists of a combination of development drilling, appraisal and exploration drilling: TAG currently has two drill rigs actively operating with a third rig to begin operating on TAG controlled land shortly.
Operators:
TAG Oil Ltd.: Operator with 100% interest
Contractors:
Sproule International Limited: Independent resource potential assessment contract