TAG Oil has made a new oil discovery in New Zealand’s Taranaki Basin with the Sidewinder-1 exploration well in its Broadside exploration permit PEP 38748.
The Sidewinder-1 well was drilled to a total depth of 1,601m and encountered 14m of net oil-bearing sandstones in the Mount Messenger Formation.
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Electric logs indicate excellent reservoir qualities with average porosities of 22.5% and oil saturations of 60%.
TAG Oil CEO Garth Johnson said that the results also increase the likelihood of additional discoveries and the prospectivity of the Broadside permit.
“TAG will now proceed to complete the Sidewinder-1 well for production,” Johnson said.
The firm will begin flow testing at the well after completing the fracture stimulation of the Cheal B-3 well.
TAG controls the 7,910 acre Broadside exploration permit PEP 38748.
