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TAG Oil Up More than 1% on New Sidewinder Discovery Well Flow-Test Results

TAG Oil Ltd. (TAO.V) is up $0.07 to $6.42 a share after saying its flow testing of its Sidewinder-4 discovery well in New Zealand indicates 6.98 million cubic feet of natural gas and 1,163 barrels of oil equivilent per day as well as a final drawdown rate of 25%.

Flow testing continues on the last of the four discovery wells by TAG Oil in the Taranaki Basin. The company says that well has encountered 47 meters of oil-and-gas bearing sandstones, the largest net pay from the Sidewinder wells drilled to date. Five separate zones are being tested, including zones above and below the primary Sidewinder discovery zone.

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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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