TAG Oil Announces Oil Production at Cheal A7
Posted on: Thursday, 4 September 2008, 03:00 CDT
Oil and gas explration and production company TAG Oil has announced that its Cheal A7 well has commenced oil production through the Cheal Production Facility, onshore Taranaki Basin, New Zealand.
Cheal A7 is expected to produce through a temporary tie back for three months while permanent installations are planned. The well flow is being restricted on choke to 200 barrels of oil per day during the initial clean up phase and there was no pressure decline measured during the first 48-hour test period.
The optimum flow rate is expected to be established over the coming weeks as the well continues to warm up.
Garth Johnson, CEO of TAG Oil, said: "The A7 well increases the present Cheal field's production to over 500 barrels of oil per day, with further existing well optimization yet to come. This well will build further on the strong financial results TAG recently filed and we look forward to continuing this momentum."
Source: Datamonitor
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