TAG OIL - Kreditswiss setzt Ziel auf 4,--

Diese Perle kann noch viel mehr :-)  

TAG Oil (TSX:TAO, StockForum), a Vancouver-based firm engaged in the production and exploration for oil and natural gas operating in New Zealand, announced financial results for the three and six-month period ending December 31, 2013.

Books showed quarterly netbacks of approximately $78 per barrel and $4.25 per mcf gas, totaling a combined netback of $64.63 per BOE versus average North American netbacks of approximately $34 per BOE based on 97,616 sold barrels of light oil and 194 mmcf of gas.

Revenues punched up 19% to $12.94 million for the quarter and 35% to $43.52 million over nine months compared to the matching periods of the previous fiscal cycle while net income for the quarter and nine month period increasing 365% and 76% respectively from the matching periods in the previous cycle.

According to the news release, the company's first deep well, Cardiff-3, intersected 45 metres of potential net pay in the K3E zone withing the Kapuni Sands Formation while reservoir characterization studies on Ngapaeruru-1 well in the East Coast Basin unconventional play supplied encouraging new data.

TAG Oil was in the news recently when the company provided a Taranaki operations update in the beginning of January.

Currently there are 64.4m outstanding shares with a market cap of $194.5 million.

Read more at http://www.stockhouse.com/news/natural-resources/...GYJeiJIlfyKtRQ.99  

TAG Oil (T.TAO) celebrates $68.5 mil in cash, $71.2 mil working cap and NO debt
Read more at http://www.stockhouse.com/news/natural-resources/...GYJeiJIlfyKtRQ.99  

FWIW, according to a Reuters report I got yesterday, of six analysts, 2 are strong buy, 2 buy, 1 hold and 1 sell.   Their targets range from a low of $4.50 to a high of $8.00 with a mean of $6.30.
Read more at http://www.stockhouse.com/companies/bullboard/...#wAPgJ0RWLuj804cs.99

Quelle: Stockhouse vom 19.02.2014  

Rig updates
From Energynews.co.nz

Felicity Wolfe Mon, 24 Feb 2014
Webster Drilling Nova-1
Where: Cheal G
Operator: TAG Oil
Programme:
The Nova-1 is expected to complete TAG Oil's Cheal G drilling programme by the end of the week, TAG chief operating officer Drew Cadenhead says.
The rig has drilled to 1,700 metres at the Cheal G3 well, which has a target depth of around 2,000 metres. Cadenhead says this should be reached within three days.
Once it completes the Cheal G drilling programme, TAG plans to move the rig to its Southern Cross permit, PEP 54876.

Chuanqing rig-43
Where: Cheal C
Operator: TAG Oil
Programme:
The Chuanqing rig-43 is stacked at the Cheal-C site and is awaiting the outcome of an Environment Court appeal of TAG Oil's Heatseeker drilling consents.
The rig's drill crews have been laid off due to the uncertain timeframes around the appeal process and when drilling can restart.
Heatseeker is the second of three deep gas wells the firm plans in Taranaki. Drilling of Cardiff-3 finished in late January with all three deep target zones penetrated. The well has been fully cased to a total depth of 4,863 metres, with packer and tubing also set inside the casing.

Read more at http://www.stockhouse.com/companies/bullboard/...#rvdHOQii9PjukjzD.99  

Reporting on the Cardiff-3 deep gas well
Thursday, Feb 27, 2014

TAG Oil set out to establish a strong foundation (both operationally and financially) on its Taranaki shallow oil and gas opportunities, and with 31 successful wells in just a few years, we're pretty happy with how that's gone. But those of you who have been with us for awhile, know that we've also had an eye on prospects with even greater potential, such as the East Coast Basin's unconventional oil, and the Taranaki Basin's deep Eocene-level oil and gas.

In the current quarter, TAG successfully drilled, logged and cased its first deep Eocene well, Cardiff-3, which went to 4,863 meters depth, and intersected 45 meters (148 feet) of potential pay in the successful Kapuni Sands Formation. (We say "successful" because the Kapuni is a proven, strong producer elsewhere in the Taranaki, and its discovery by BP Shell Todd launched a new energy era for New Zealand a few decades ago.) And in the hopes of launching the next era in New Zealand energy, we're prepping to test Cardiff-3 in the near future.

Our shallow drilling program is still intrinsic to TAG's short and long-term success, but the goal with deep drilling is to capture reserves many times larger than what's possible with shallow Miocene drilling. An independent assessment by Sproule International Limited (effective 7/31/13) estimated the undiscovered resource potential on the Cardiff prospect on a P50 basis at 160 billion cubic feet gas and 5.59 million barrels of natural gas liquids.*  Time will tell!

Source: TAG Oil  

March 2014 Energy Wrap

By Neil Ritchie

The scheduled arrival in New Zealand waters during late March of the jack-up Ensco Rig 107 will complete the four-strong drilling contingent currently in the country.

The Ensco rig will join the deepwater drillship Noble Bob Douglas, which has virtually finished drilling the Caravel-1 “wildcat” well off Otago, the semi-submersible rig Kan Tan IV, currently drilling the Pateke-4H “infill” well off Taranaki, and the Archer Emerald modular offshore drilling unit that is still on the offshore Taranaki Maui A platform.

The jack-up rig is being loaded onto the heavy lift vessel, the Talisman, in Singapore and, on arrival in New Zealand waters, is due to head to the sheltered Admiralty Bay in the Marlborough Sounds for offloading and then towing by its support vessels to offshore Taranaki.

Once off Taranaki it is due to start an extended development campaign for Maari oil field operator Austrian giant OMV and its partners lasting at least nine months. Afterwards other joint ventures may also utilise the rig for their exploration, and possibly appraisal, wells off Taranaki and perhaps in other geological basins.

The 107 is no stranger to this country, having spent about two years in New Zealand waters for various joint ventures in various basins from early 2008 to late 2010.

While there is no word yet regarding the results of the Archer Emerald programme, or whether Caravel-1 has struck any worthwhile hydrocarbons, Pateke-4H has had oil shows in the Kapuni Formation F sands where an oil-bearing reservoir is likely to have been encountered.

Meanwhile, onshore activity continues in Taranaki and elsewhere – from preliminary land surveying for future seismic surveys to more development drilling.

Todd Energy’s new $42 million Bentec Euro Rig 450t started its first well, Mangahewa-16 at the Mangahewa D wellsite on February 11 and is likely to reach the total deviated target depth, of up to 5500 metres, before the end of the month.

And the Canadian listed juniors TAG Oil, East West Petroleum and New Zealand Energy Corp continue their respective onshore exploration and development programmes around Taranaki, as does UK-listed Kea Petroleum.

TAG and East West should start their first well near Wharehuia, Southern Cross-1, by the end of the March, while TAG alone should start hydraulic fracturing the more southern nearby Cardiff-3 deep gas well, beginning with the perforation of the K3E sands, the deepest of three potential test zones within the Eocene-aged Kapuni Group Formation, before the end of the month.

As well as now producing light, high-quality oil from nine wells in its onshore Taranaki licences, NZEC is also preparing four further wells for future production.

It has completed workover activities on Waitapu-2 and that well should be starting production, with testing of the resultant hydrocarbon flows, from mid-March. Waitapu is NZEC’s second discovery after its initial Copper Moki find in licence PEP 51150 (Eltham).

NZEC and joint venture partner L&M Energy are continuing investigating ways to bring some virtually abandoned wells, plus others, back to full production in the nearby Tariki, Waihapa, Ngaere (TWN) licences.

They have identified cost saving opportunities at the Waihapa-8 well and are installing a dedicated downhole pump for artificial lift, heating gas at the wellhead and using existing gas lift. Increased production from this well is expected from late March. If successful, this should result in savings of approximately NZ$400,000 per annum.

The TWN partners are also evaluating bringing back production from the Tikorangi Formation at the virtually abandoned Waihapa-1B well. An uphole completion in the shallower Mount Messenger Formation is also possible. Artificial lift facilities are also being installed at the Waihapa-2 well, with production from the Mt Messenger Formation anticipated by April.

In addition, the TWN joint venture has entered into an agreement with an un-named gas marketing “counterparty” to transport gas along a section of the TWN gas pipeline for four years, with a five-year right of renewal. This is expected to generate between NZ$0.5-2million of revenue per year.

And two senior NZEC executives – Ian Brown, head of Wellington subsidiary Ian Brown & Associates, and Bruce McIntyre, Canadian company president -- have taken early retirement, though McIntyre will remain on the NZECC board and Brown will act as an advisor.

This cost-cutting exercise is in addition to country manager and industry veteran Chris Bush resigning to be effectively replaced by Petroleum Exploration and Production Association of New Zealand chief executive David Robinson from May.

Finally, Kea Petroleum is making more money, though it still struggles sometimes with Taranaki’s complex geology.

The company saw a huge improvement in revenues for the half-year to November 30, 213, which spiked to £1.2 million (almost NZ$2.4 million) from only £382,000 for the corresponding previous six months. Gross profits climbed to £739,000 from £180,000.

But it says that evaluation of the results of last year’s 3D seismic survey of its Puka discovery, shows both the Puka-1 and 2 wells were drilled on the edge of the channel fairway. Future wells will now aim to drill for better sands in the main channel.

Kea is still interpreting 3D data from the Mercury Prospect in the northern onshore-offshore licence lease PEP 52333 where it still wants to drill later this year, while it wants a work programme extension for its more remote northern onshore-offshore licence PEP 381204 where it drilled the Mauku-1 exploration well.  

März!
Nova-1 to spud Southern Cross-1 this week
Mon, 24 March

Webster Drilling Nova-1

Where: Southern Cross

Operator: TAG Oil

Programme:

The Nova-1 is currently rigging-up at Southern Cross and is due to spud Southern Cross-1 later this week, TAG chief operating officer Drew Cadenhead says.

The work at Southern Cross, PEP 54876, is the last in a series of wells being drilled as part of a partnership between TAG and East West Petroleum, following the 2012 Block Offer.


Read more at http://www.stockhouse.com/companies/bullboard/...#UVXJdDlvOUaZ61KS.99