Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Melbana Energy On The Pukatea Prospect

|Includes: TAG Oil Ltd. (TAOIF)
Summary

TAG Oil's JV Partner Melbana reveals why they became interested in the Pukatea prospect in the Taranaki Basin of New Zealand.

It’s in the same reservoir as the Waihapa field, just 4km away, a highly productive oil field that has produced in excess of 23 MMBbls of oil to date with.

The fact that it is in a proven basin and a large prospect.

We’ve shared the reasons why TAG Oil became interested in the Pukatea prospect, but what caused our Joint Venture partners (30%) Melbana to seek a project in the Taranaki Basin?

A few of their comments include:

  • The fact that it is in a proven basin and a large prospect
  • It’s in the same reservoir as the Waihapa field, just 4km away, a highly productive oil field that has produced in excess of 23 MMBbls of oil to date with initial well rates of ~5,000 bpd
  • Economic to produce and immediately marketable

Watch the video of what Melbana CEO and Managing Director, Peter Stickland, and Chief Geologist, Errol Johnston have to say. Click the image to watch the video or click here.