Tag Oil Ltd - Operational Update

Writen by Lionel Therond

TAG Oil Ltd (TSE:TAO) has announced that it and its joint venture partner, Melbana Energy (30%), have commenced drilling operations operations on the Pukatea-1 exploration well, with the Nova-1 drill rig mobilized to the drilling pad in mid-January and drilling currently underway

In addition, TAG Oil will focus a moderate amount of time and capital on optimising the ongoing waterflood program, with current water injection rates of ca. 1,400 bbl/d at the Cheal permit (100% TAG Oil) and ca. 800 bbl/d at the Cheal East permit (70% TAG Oil). Based on injection rates and pressure data in the main Cheal permit field, current expectations are that a more definitive uplift of production and recovery factors will likely be seen by mid-2018.


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