Tag Oil Climbs Nearly 13% After New Zealand Discovery Well Flows 1,870 Barrels Per Day
TAG Oil Ltd. (TAO.TO) is back near its high for the session, rising nearly 13% at $5.69 a ahare and the energy company reporting its Cheal-B5 discovery well in New Zealand is naturally flowing at an average rate of 1,870 barrels of oil equivalent per day, including 1,700 barrels of oil and 1.0 million cubic feet of gas per day flowing through a 40/64" choke over a five-day test period.
The Cheal-B5 well is the third well in the Tag's 10-well drilling campaign. It was drilled, tested and placed on full-time production in less than 30 days, with capital payback anticipated in less than 14 days.
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