NEW ZEALAND

Cheal downgraded

CANADIAN oiler Tag Oil has capped off a week in which it entered the Puka oil field by completing a downward review of its reserves in New Zealand's Taranaki Basin, but it expects to make up the difference thanks to a waterflood program at its Cheal field.

Haydn Black

Sproule's International gross 2P reserves estimates at March 31 were 3.62 million barrels, down from 5.18MMboe on 2015 due to a year's worth of production (507,000boe) and a revision of some existing wells...

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