The Cheal-E6 step-out well (TAG 70%), located in the onshore Taranaki Basin of New Zealand, has intersected more than 9 m (29.5 ft) of net oil- and gas-bearing sands in the Mt. Messenger Formation, TAG Oil said in a news release.
The well, which was drilled to a total depth of 1,939 m (6,360 ft), is being completed as a potential oil well with production testing to begin this week and, if economic, will be immediately commercialized through TAG's production infrastructure, the release said.
Based on the performance and encouraging results of the Cheal-E site area, TAG will now proceed to drill the Cheal-E7 step-out well (TAG 100%), the company said. TAG Oil has a 70% interest in Cheal-E6.
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