TAG Oil Surges After Oil, Gas Discovery in New Zealand
TAG tested wells in the Cheal oil and gas field and is now producing at some of them, the company said in a statement on PR newswire. The company recently won approval to drill an additional 18 wells in the Cheal field.
TAG Oil, based in Vancouver, is focused on oil exploration on New Zealand’s North Island, which the company said has similar oil-rich formations to the Bakken region in North America.
The shares rose C$1.15 to C$7.40 at the close in Toronto. The stock has gained 12 percent this year.
To contact the reporters on this story: Jeremy van Loon in Calgary at firstname.lastname@example.org
To contact the editor responsible for this story: Susan Warren at email@example.com
Bloomberg moderates all comments. Comments that are abusive or off-topic will not be posted to the site. Excessively long comments may be moderated as well. Bloomberg cannot facilitate requests to remove comments or explain individual moderation decisions.