TAG's Cheal-C1, Cheal-C2 and Cheal-A8 Flow Testing Confirm Significant Oil and Gas Discoveries

TAG Oil Ltd. and TAOIF reports that TAG's Cheal-C1, Cheal-C2 and Cheal-A8 wells have now been flow tested. Of particular significance is the result from Cheal-C2, which flow tested 14 million cubic feet of gas per day (~2,333 BOE per day). All of these wells are located within TAG's 100%-owned Cheal oil and gas field, located in Petroleum Mining Permit 38156 in the Taranaki Basin, New Zealand. The Cheal-C1 and C2 wells are important step-out wells as they are located approximately 3.5 km's to the northwest of TAG's recently announced Cheal-B5 well and they significantly extend the known oil-and-gas saturation area within the Cheal permit. The success of Cheal-C1 and Cheal-C2 also adds a number of additional high-impact targets to TAG's prospect portfolio in the Mt. Messenger and Urenui formations.