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TAG Oil Ltd., Vancouver, (TSX: TAO) (OTCQX: TAOIF), reports that the company has received consent from the Taranaki Regional Council (TRC) and the Stratford District Council (SDC) to drill 18 new wells within TAG's 100%-owned Cheal Oil and Gas Field in New Zealand.
The final decision granting consent in support of TAG's drilling operations was handed ...
The Cheal-C1 and C2 wells are important step-out wells as they are located approximately 3.5 km's to the northwest of TAG's recently announced Cheal-B5 well and they significantly extend the known oil-and-gas saturation area within the Cheal permit.
The well is naturally flowing at an average rate of 1,870 barrels of oil equivalent per day, consisting of 1,700 barrels of oil and 1.0 million cubic feet of gas per day flowing through a 40/64" choke over a five-day test period.