Field news and more

TAG attends Capital Events Conference

TAG Oil CEO Toby Pierce, and TAG VP of Corporate Development Chris Beltgens, made the trip to Palm Beach, Florida to attend the Capital Events Conference that ran from November 17 to 19.  The aim of the conference is to connect companies with investment professionals through a weekend of networking and one-on-one meetings.   The first day was a full-day series of prescheduled “speed dating” style meetings, during which TAG was able to share its best attributes and growth plans to experienced, active capital finance individuals such as investment advisors, portfolio…

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Helping reservoirs give their all

As an oil field is produced and the reservoir depletes under primary production, the pressures in the formation decline. As pressure declines, it becomes more difficult for hydrocarbons to flow to the surface naturally. And because we hate to leave anything behind in the reservoir, waterflooding is a commonly used technique of enhanced oil recovery (EOR). Waterflooding helps produce more of the reserves that remain in the reservoir, a process called secondary recovery. Waterflooding provides two main benefits to enhancing production. The first is the re-pressurization of the producing formation.…

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New Zealand hit by earthquake and aftershocks

Early Monday we were alerted to the news that a series of powerful earthquakes had struck New Zealand’s South Island.  The first quake of 7.8 magnitude hit the east coast of New Zealand’s South Island at midnight, triggering tsunami warnings and later, fortunately, waves of just a meter high.  Hours later, another strong quake measuring 6.4 struck the same region, northeast of Christchurch around the small town of Hanmer Springs.  The South Island has since seen hundreds more tremors. Officials have reported two casualties thus far, damaged buildings and thousands…

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China imports record volumes of oil

Recession aside, China’s appetite for oil isn’t going anywhere soon. In fact, China is importing record volumes of oil. The large demand is fueled by independent refiners and continuous fill of storage tanks. China had previously reported its plan to build emergency reserves equivalent to 100 days of net imports by 2020, but has since pushed that date back. The Chinese government has kept the world puzzled over just how much oil they have stockpiled thus far, and when the tanks—scattered around the country in a network of storage sites—will…

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TAG Oil is planning to expand to Oz

The first step towards expanding operations into Australia has begun.  TAG Oil, through its subsidiary Cypress Petroleum, has signed a definitive asset purchase agreement with Southern Cross Petroleum & Exploration to acquire 100% interest in Petroleum Lease 17 (PL17). After analyzing several acquisition opportunities in Australia, PL17 sparked our interest for many reasons, and ultimately became our acquisition of choice. Covering 104 km2 (25,700 acres), the permit is located in Queensland’s Surat Basin, Australia’s oldest producing basin. It’s a commercially proven area with production infrastructure nearby, and it sits about…

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OPEC Secretary General Weighs In

In looking out to 2040, OPEC has determined that in order for the global oil industry to meet future oil demand, it will need a roughly $10 trillion investment. OPEC Secretary-General Mohammed Barkindo, who spoke at the Oil & Money Conference in London recently, reported that investments had dropped 26% in 2015, were projected to slide another 22% by the end of 2016, and then to further contract in 2017.  He also stated that, “If the contraction continues, then the global community—not only the industry—should really take this seriously and…

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TAG presents at OTCQX Virtual Conferences

On October 4, TAG Oil had the pleasure of presenting at OTC Markets Group’s fifth OTCQX Virtual Investor Conference. The OTCQX Virtual Investor Conference Series connects public OTC companies like TAG to an audience of engaged investors. This particular series featured resource and energy OTCQX-listed companies. TAG Oil CEO, Toby Pierce, delivered TAG’s presentation, giving investors up-to-date information on TAG, as well as current and future growth strategies. The presentation includes a current financial recap, a breakdown of operating netbacks, the exploration potential of TAG’s new Puka / Shannon acquisition,…

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The good, the bad and the ugly: a look ahead at oil prices from ERCE

With the consent of ERC Equipoise, TAG Oil is offering the new 2016 Q4 ERCE Oil Price Review report to its followers.   This report presents and summarizes oil price scenarios that are a result of ERCE’s comprehensive review of information available in the public domain. It reviews historical, recent and current oil and gas prices, including current oil price decks. In addition, it looks at some of the global macro indicators influencing these trends and reviews oil price assumptions presented by other petroleum consultants and analysts.   What are U.S. rig…

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Henrik Lundin featured in Energy Stream

TAG Oil COO, Henrik Lundin, was recently interviewed by Neil Ritchie on behalf of Energy Stream, a leading New Zealand oil and gas industry publication. In the interview, Henrik shares his thoughts on TAG and his new life in New Zealand. His first task as COO was initiating a water flood program at the Cheal-A, B and E wellsites to increase petroleum production. This summer (which is around the corner in the southern hemisphere), he plans to explore his newly adopted country with his family.  And a little longer term…

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Progress in the field

As OPEC production cut talks continue to swirl, the TAG New Zealand team continues to stay busy with a series of workovers. And here are some pictures to prove it! In the picture, you can see a Workover rig running the downhole ESP (electric submersible pump) into our new water well. The new well and pump provide water to the Plant for our greater waterflood scheme, planned over a number of wells in Cheal in the coming months. This was also the final piece in the puzzle to commission the first…

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