|By PR Newswire||
|January 9, 2014 02:49 PM EST||
VANCOUVER, Jan. 9, 2014 /PRNewswire/ - TAG Oil Ltd. (the "Company" or "TAG") (TSX: TAO) and (OTCQX: TAOIF) is pleased to provide the following exploration and development drilling update in both the shallow and deeper targets within the Taranaki Basin. As TAG enters calendar year 2014, the Company will be maintaining its strategy of deploying capital to high impact exploration targets while developing shallow reservoirs to provide sustainable capital for continuous exploration activities.
Deep / Eocene Exploration Taranaki Program (TAG 100%)
TAG is pleased to announce the Cardiff-3 well targeting the Eocene-aged Kapuni Formation reached Total Depth of 4,863 meters in December, fully penetrating and evaluating all three deep target zones as planned; the well took longer to drill than anticipated due to encountering thick coal sections in the Eocene-aged Mangahewa Formation.
Condensate-rich gas shows were recorded in all three target zones within the Kapuni Formation and as a result TAG is casing the well to total depth and will pursue a completion and testing program. Evaluation will begin with perforation and, if necessary, hydraulic stimulation of the deepest targeted prospect, the Kapuni K3E zone. Following evaluation of the K3E zone, the shallower K1A and Mckee Sand zones will be evaluated and a decision will then be made on an overall production strategy. In total TAG encountered over 230 meters of potential net pay over the three target zones to be evaluated.
TAG COO Drew Cadenhead commented; "Significant data collected during the drilling operation is encouraging, and we will now move on to flow-testing which is the only definitive way to evaluate commercial success in these condensate rich tight-gas plays. This next stage of evaluation will occur throughout the next few months."
Shallow / Miocene Development Taranaki Program
Cheal-E Site (TAG 70%)
TAG successfully completed its initial five well drilling program at the Cheal-E Site in mid-December. Cheal-E1 has been naturally flowing through a 17/64" choke, for 44 days and has produced at an average of 547 BOE/d (88% oil) while Cheal-E4 has been naturally flowing through a 10/64" choke for 7 days and has produced an average of 315 boe/d (87% oil). In aggregate Cheal-E1 and Cheal-E4 have produced more than 23,100 barrels of oil (26,400 BOEs) to January 7, 2014. Following perforation, Cheal-E2 and Cheal-E3 tested oil naturally to surface and will require artificial lift to maximize production as expected. This work, as well as the perforation and completion of Cheal-E5 will be initiated in the second half of January as equipment becomes available. As required work is completed, Cheal-E Site wells will be tied in for permanent production at TAG's recently commissioned Cheal-E Site separation facilities.
Results of the Cheal-E drilling program have significantly extended the known oil and gas saturated area within TAG's 100% owned Cheal Mining Permit discovery through to E-Site. Pending completion of the outstanding activities at E-Site and further analysis of all results, TAG feels there is potential for 15 – 20 follow-up locations in the newly awarded areas.
Joint venture partner East West Petroleum (30% interest) paid 100% of the first $5 million in drilling costs of the first two Cheal-E wells and is entitled to recover the first $5 million in revenue from Cheal-E Site sales while also paying 100% of the costs to produce that revenue. Subsequent to the $5 million in revenue, all cash flow and operations will revert to 70% TAG and 30% East West. At present production rates, that payout is forecasted to occur in less than two months.
With the conclusion of the Cheal E-Site drilling program, TAG moved its Miocene focused drilling rig to the Cheal G-Site where Cheal-G1 was spudded on January 3, 2014 kicking off a 3 well drilling program. Joint Venture partner East West Petroleum will fund the first $2.5 million in capital expenditure, and is entitled to receive the first $2.5 million in revenue sales while also paying 100% of the costs to produce that revenue, before costs and interest in the wells will revert to 50% TAG and 50% East West.
2014 Miocene Focus
Throughout 2013, TAG's Miocene strategy was focused on oil production growth, resulting in the reallocation of drilling capital towards oil targets versus potentially higher BOE/d rate, yet moderately less economic, shallow natural gas targets. With TAG achieving a netback of approximately CDN$83 / barrel for oil production in December, this strategy will continue into 2014 with the intention to drill a minimum of 10 gross shallow, Miocene wells within the greater Cheal area. The program will include at least seven 100% working interest development oil focused locations. Further details of the 2014 Miocene program as well as TAG's deep Kapuni and East Coast Basin will follow.
TAG Oil Ltd.
TAG Oil Ltd. (http://www.tagoil.com/) is a Canadian-based production and exploration company with operations focused exclusively in New Zealand. With 100% ownership over all its core assets, including extensive oil and gas production infrastructure, TAG is enjoying significant organic value creation through exploration success and ongoing development and appraisal drilling of several light oil and gas discoveries. As New Zealand's leading explorer, TAG actively drills high-impact conventional and unconventional exploration prospects identified in the Taranaki Basin, East Coast Basin and Canterbury Basin that covers more than 2,736,390 net acres of land, prospective for major discovery in New Zealand.
TAG Oil has adopted the standard of six thousand cubic feet of gas to equal one barrel of oil when converting natural gas to "BOEs". BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6Mcf: 1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
Cautionary Note Regarding 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. Such statements can be generally, but not always, identified by words such as "expects", "plans", "anticipates", "intends", "estimates", "forecasts", "schedules", "prepares", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. All estimates and statements that describe the Company's objectives, goals, production rates, test rates, optimization, infrastructure capacity timing of operations and or future plans with respect to the drilling and testing in the Taranaki Basin are forward-looking statements under applicable securities laws and necessarily involve risks and uncertainties including, without limitation: risks associated with oil and gas exploration, development, exploitation and production, geological risks, marketing and transportation, availability of adequate funding, volatility of commodity prices, environmental risks, competition from other producers, and changes in the regulatory and taxation environment. Actual results may vary materially from the information provided in this release, and 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.
Other factors that could cause actual results to differ from those contained in the forward-looking statements are also set forth in filings that TAG and its independent evaluator have made, including TAG's most recently filed reports in Canada under NI 51-101, which can be found under TAG's SEDAR profile at www.sedar.com.
TAG undertakes no obligation, except as otherwise required by law, to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors change.
SOURCE TAG Oil Ltd.
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
Aug. 25, 2016 03:30 AM EDT Reads: 2,089
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
Aug. 25, 2016 02:30 AM EDT Reads: 2,132
Is the ongoing quest for agility in the data center forcing you to evaluate how to be a part of infrastructure automation efforts? As organizations evolve toward bimodal IT operations, they are embracing new service delivery models and leveraging virtualization to increase infrastructure agility. Therefore, the network must evolve in parallel to become equally agile. Read this essential piece of Gartner research for recommendations on achieving greater agility.
Aug. 25, 2016 02:15 AM EDT Reads: 426
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
Aug. 25, 2016 02:00 AM EDT Reads: 1,770
Personalization has long been the holy grail of marketing. Simply stated, communicate the most relevant offer to the right person and you will increase sales. To achieve this, you must understand the individual. Consequently, digital marketers developed many ways to gather and leverage customer information to deliver targeted experiences. In his session at @ThingsExpo, Lou Casal, Founder and Principal Consultant at Practicala, discussed how the Internet of Things (IoT) has accelerated our abil...
Aug. 25, 2016 02:00 AM EDT Reads: 1,889
With so much going on in this space you could be forgiven for thinking you were always working with yesterday’s technologies. So much change, so quickly. What do you do if you have to build a solution from the ground up that is expected to live in the field for at least 5-10 years? This is the challenge we faced when we looked to refresh our existing 10-year-old custom hardware stack to measure the fullness of trash cans and compactors.
Aug. 25, 2016 01:15 AM EDT Reads: 1,597
Extreme Computing is the ability to leverage highly performant infrastructure and software to accelerate Big Data, machine learning, HPC, and Enterprise applications. High IOPS Storage, low-latency networks, in-memory databases, GPUs and other parallel accelerators are being used to achieve faster results and help businesses make better decisions. In his session at 18th Cloud Expo, Michael O'Neill, Strategic Business Development at NVIDIA, focused on some of the unique ways extreme computing is...
Aug. 25, 2016 01:00 AM EDT Reads: 1,955
The emerging Internet of Everything creates tremendous new opportunities for customer engagement and business model innovation. However, enterprises must overcome a number of critical challenges to bring these new solutions to market. In his session at @ThingsExpo, Michael Martin, CTO/CIO at nfrastructure, outlined these key challenges and recommended approaches for overcoming them to achieve speed and agility in the design, development and implementation of Internet of Everything solutions wi...
Aug. 25, 2016 12:45 AM EDT Reads: 1,901
With over 720 million Internet users and 40–50% CAGR, the Chinese Cloud Computing market has been booming. When talking about cloud computing, what are the Chinese users of cloud thinking about? What is the most powerful force that can push them to make the buying decision? How to tap into them? In his session at 18th Cloud Expo, Yu Hao, CEO and co-founder of SpeedyCloud, answered these questions and discussed the results of SpeedyCloud’s survey.
Aug. 25, 2016 12:30 AM EDT Reads: 2,062
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
Aug. 25, 2016 12:00 AM EDT Reads: 2,967
Actian Corporation has announced the latest version of the Actian Vector in Hadoop (VectorH) database, generally available at the end of July. VectorH is based on the same query engine that powers Actian Vector, which recently doubled the TPC-H benchmark record for non-clustered systems at the 3000GB scale factor (see tpc.org/3323). The ability to easily ingest information from different data sources and rapidly develop queries to make better business decisions is becoming increasingly importan...
Aug. 24, 2016 10:30 PM EDT Reads: 2,012
To leverage Continuous Delivery, enterprises must consider impacts that span functional silos, as well as applications that touch older, slower moving components. Managing the many dependencies can cause slowdowns. See how to achieve continuous delivery in the enterprise.
Aug. 24, 2016 10:30 PM EDT Reads: 1,454
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
Aug. 24, 2016 09:15 PM EDT Reads: 1,667
Kubernetes, Docker and containers are changing the world, and how companies are deploying their software and running their infrastructure. With the shift in how applications are built and deployed, new challenges must be solved. In his session at @DevOpsSummit at19th Cloud Expo, Sebastian Scheele, co-founder of Loodse, will discuss the implications of containerized applications/infrastructures and their impact on the enterprise. In a real world example based on Kubernetes, he will show how to ...
Aug. 24, 2016 04:45 PM EDT Reads: 1,313
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
Aug. 24, 2016 04:15 PM EDT Reads: 2,558