NEWS

Mr. Toby Pierce reports
TAG OIL UPDATES PUKATEA-1 EXPLORATION WELL
TAG Oil Ltd. has provided the following update with respect to TAG Oil's operated Pukatea-1 exploration well located in the Puka permit (PEP 51135, 70 per cent TAG Oil) in the Taranaki basin of New Zealand.
Pukatea-1 has reached a final total depth of about 3,100 metres measured depth after penetrating a (faulted) thickened overlying interval of basement rock without intersecting the Tikorangi limestone formation. TAG Oil is encouraged by the intermittent hydrocarbon shows that were recorded within the section between about 2,520 m and about 2,680 m measured depth, and will proceed to run detailed electric wireline logs to evaluate these shows and the entire interval to about 3,100 m.
Furthermore, as a result of the previously reported potential oil pay in the well's Mt. Messenger secondary target oil zone, following wireline logging, TAG Oil is planning to initially focus on the Mt. Messenger oil zone and complete the well to enable a future production test. This will allow the Company to evaluate the production potential of the Mt. Messenger oil zone, and a successful test could also result in restarting oil production from the currently suspended Puka oil field.
Toby Pierce, TAG Oil's CEO, commented, "We are encouraged by approximately 160m of intermittent hydrocarbon shows below the Mt. Messenger section. A similar interval is present in several of the offsetting wells to Pukatea-1, specifically Hu Road-1 and Waihapa-6, and wireline logs will give us more information and clarity around this interval and whether it is worth investigating further. Also, I would like to thank our team for their hard work in getting the well drilled safely, on budget, and on schedule directionally to a depth of approximately 3,100m."
About TAG Oil Ltd.
TAG Oil is an international oil and gas explorer with established high netback production, development and exploration assets, including production infrastructure in New Zealand and Australia. TAG Oil is poised for significant reserve and production growth with several oil and gas fields under development and high-impact exploration in proven oil and gas fairways. TAG Oil is debt-free and currently has 85,282,252 shares outstanding.