Tag Oil has discovered multi-zone light oil at its Cheal-B4ST well in the Taranaki basin in New Zealand.
The well is located at the company’s wholly-controlled petroleum mining permit 38156 (PMP 38156).
Tag Oil drilled the well to a total depth of 1,810 meters and encountered 17 meters of net oil-bearing sandstones within the Urenui and Mt Messenger formations.
Electric logs indicate that four separate zones are likely to be oil-charged with excellent porosity and permeability.
The company said that two of the four zones intersected are oil-bearing zones never before encountered in wells within PMP 38156, further demonstrating that the entire 7500-acre PMP 38156 area is oil-prone, with multiple shallow horizons prospective for discovery.
The Cheal-B4ST well is the first in a series of high-impact exploration wells to be drilled in the company’s onshore Taranaki basin acreage.