As reported in the
The Company elected to plug back this hole section, initiate repairs of the drilling rig shale-shakers and tanks on the rig mud system, and review drilling procedures to isolate the ARE zone of the hole and landing the casing liner in the ARF carbonate reservoir zone prior to proceeding with drilling the lateral.
Next steps include re-drilling from the intermediate cased section of the T100 well at approximately 2,650 meters with an oil-based mud system and adjusting the directional drilling services and tools with the goal of drilling a smoother, stable build section in the ARE and isolating it prior to drilling the ARF lateral section.
As previously disclosed, the ARF target reservoir in the T100 vertical pilot well and in the initial lateral section encountered very good oil shows with high hydrocarbon gas readings and good indications of primary porosity. These drilling challenges are not projected to impact the prospect of the ARF resource oil play.
Repairs on the drilling rig and planning for the next leg are underway and completion of the drilling phase is projected to be done next month. The drilling rig will then be released and a rig-less well completion phase with fracture stimulation of the ARF will start immediately after.
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Forward-Looking Statements
Statements contained in this news release that are not historical facts are forward-looking statements that involve various risks and uncertainty affecting the business of
Exploration for hydrocarbons is a speculative venture necessarily involving substantial risk. The Company's future success in exploiting and increasing its current resource base will depend on its ability to develop its current properties and on its ability to discover and acquire properties or prospects that are capable of commercial production. However, there is no assurance that the Company's future exploration and development efforts will result in the discovery or development of additional commercial accumulations of oil and natural gas. In addition, even if further hydrocarbons are discovered, the costs of extracting and delivering the hydrocarbons to market and variations in the market price may render uneconomic any discovered deposit. Geological conditions are variable and unpredictable. Even if production is commenced from a well, the quantity of hydrocarbons produced inevitably will decline over time, and production may be adversely affected or may have to be terminated altogether if the Company encounters unforeseen geological conditions. The Company is subject to uncertainties related to the proximity of any resources that it may discover to pipelines and processing facilities. It expects that its operational costs will increase proportionally to the remoteness of, and any restrictions on access to, the properties on which any such resources may be found. Adverse climatic conditions at such properties may also hinder the Company's ability to carry on exploration or production activities continuously throughout any given year.
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