Futr. Yes it was and kapuni has the chance to double the stock here
Urenui/Mt. Messenger Formation Wells (Shallow ~2000m)
TAG has drilled, completed and is currently testing the first three conventional step-out wells (Cheal-E1 to E3) and has spudded the Cheal-E4 well (TAG 70%). The results from these wells are particularly important as they have substantially extended Cheal's known oil saturated area. TAG has also expanded its extensive Taranaki production infrastructure into the Cheal-E site, so that all of these wells can be immediately placed into permanent production.
To ensure more reliable production forecasting on future wells in this emerging Urenui/Mt. Messenger play, the Cheal-E site wells will be initially tested individually, with each well flowing for approximately 15 days, and then shut in temporarily to conduct pressure and temperature analysis. During this shut-in period, the next well will be placed on a 15-day production test until all new wells at the site have been individually tested and proper build-up analysis completed.
To date the Company has tested the Cheal-E1 well for 5 days with an average production rate of 600/BOE's per day (94% oil) with a naturally flowing tubing head pressure of approximately 600 psi. The well has been restricted with a 1/4" choke until further oil storage facilities are added to the site, following greater than anticipated initial flush production rates.
Kapuni Formation Wells (Deep ~5000m)
The Cardiff -3 well, targeting the deep Eocene-aged Kapuni Formation, is drilling ahead at approximately 4,300 meters after encountering numerous hydrocarbon-bearing zones within the McKee and K1A Sands. Significantly elevated gas peaks have been recorded above background gas levels throughout the Kapuni section drilled to date.
The Company expects to drill through the remainder of the Kapuni Formation target zones —including the K3E Sands, the main objective in the Cardiff -3 well — in November and, at that time, will make a decision whether to complete and production test the well. If supported by interpreted data, initial un-stimulated testing of Cardiff -3 will commence in December for a minimum 30-day flow period. The well will then be shut in for a pressure / temperature build-up, at which time a further fracture stimulation of the well will be planned and executed, likely in Q1 of 2014.
