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Canadian company to expand New Zealand drilling operations

Published by Steve Coleman on March 06, 2012

A Canadian company that works strictly in New Zealand says it plans to expand its oil-drilling operations.

TAG Oil Ltd. says it plans to spend $66 million expanding its exploration and targeted drilling program in the Cheal and Sidewinder fields in New Zealand's Taranaki Basin.

TAG owns 100 per cent of the production infrastructure at the site and plans to target shallow zones less than 2,000 metres and tap into deep pockets in the 4,000 metre range.

The company says it has recently drilled 14 successful wells in a row. The increased number of wells means workers will need three times the oil and gas compression capacity and have to build a gas plant at Cheal that can strip liquid propane and liquid hydrocarbons from the oil they pump.

TAG also plans to add a new pipeline to the operation and a new gas processor to the Taranaki site.

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