TAG Oil Gains 18% after New Zealand Wells Flow Test Well
TAG Oil Ltd. (TAO.V) is now out to an 18% advance at $7.37 a share, climbing $1.12 after saying its Cheal C1, C2 and A8 wells offshore of New Zealand have flow tested at significant quantities -- with the Cheal-C2 well testing at 14 million cubic feet of natural gas per day, the equivalent of about 2,333 barrels of oil.
The Cheal-C1 produced an average of 240 barrels of light oil per day along with approximately 100 million cubic feet of gas daily while the Cheal-A8 tested about 50 barrels of oil per day and 3.4 million cubic feet of gas per day.
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