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TAG Oil 3% Higher After Fifth New Zealand Well Confirmed as Light Oil and Gas Discovery

TAG Oil Ltd. (TAO.V) is getting a 3% this afternoon after saying its Sidewinder-4 exploration well in New Zealand has been confirms as a light oil and gas discovery.

The new well is TAG's fifth producing well in the Taranaki Basin during the past six months. According to the company, the four Sidewinder wells indicate that the size and scope of the Sidewinder discovery area is much larger than originally anticipated.

Furthermore, the entire permit remains lightly explored and prospective for further oil and gas discoveries, with numerous drill-ready prospects, the firm said.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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