Rahopara. What happpened?A Canadian company named TAG made alot...

Rahopara. What happpened?

A Canadian company named TAG made alot of noise a few years ago about their projects in NZ. One of them was an 'prospect called Kate-1" for which they declared a potential 200M barrels.

After drilling about ten wells on the North Island of NZ, TAG found one commercial well, which they gained a few hundred of barrels of oil a day from. Not enough to keep them profitable.

TAG lost the Kate-1 prospect and sold out for $500,000. GGX picked it up. Kate-1 is in the South Island in NZ,in the Canterbury Basin, where no commercial oil has ever been found.

GGX continued the TAG story about 200M barrels of oil. However, just before drilling, GGX down-graded it to 25M barrels.

Of course, they found nothing and all of the insiders sold out this morning before GGX announced their dry well.

That's the story.

The funny part is some self-proclaimed 'oil experts' on this site believed the story.