10 May 2011

Canadian firm finds more petroleum in Taranaki

1:35 pm on 10 May 2011

Canadian oil company TAG says it has found more oil and gas in Taranaki, further extending the onshore field it is exploring near Inglewood.

TAG's fourth well in central Taranaki, dubbed Sidewinder-4, struck light oil and gas at a depth of 1,410 metres.

The company says the wells drilled to date indicate the Sidewinder discovery area is bigger than originally predicted.

TAG says its drillers have only begun exploiting the inland area and it expects to make further discoveries, with numerous prospects ready for what it calls an aggressive drilling programme.

The latest three Sidewinder wells will be flow-tested in a few weeks, ready for a production station due to be built by the middle of the year.