30 Sep 2010

New oil found in Taranaki basin

12:53 pm on 30 September 2010

Tag Oil of Canada has discovered a new oil well in the Taranaki basin.

The oil and gas producer, which has its core assets in New Zealand, says a well was drilled to a depth of 1600 metres and 14 metres of net oil-bearing sandstones were found.

The company says that is much more oil than it anticipated.