Crown Minerals quotes Roc Oil chief operating officer Bruce Clement as saying that a recent review of mud log data from the 1987 Totara-1 well showed the well might contain 25m of previously unrecognised net gas pay.
Roc thought the Totara structure, between the commercial McKee and Tariki fields, had the potential to contain 50-100 billion cubic feet of recoverable gas.
Roc also thought its experience in developing and producing the Saltfleetby gas field, the largest in onshore England, was directly relevant to the Totara project, as it was the company’s review of mud log data from an earlier “non-commercial” well at Saltfleetby that led to its development.
Clement also said a number of Roc’s board members had some involvement in the 1987 discovery of the nearby Aurora and Tariki gas-condensate fields (by then government-owned Petrocorp).
Listed Roc Oil holds a 40% interest in and is operator of the permit, along with Westech Energy New Zealand (30%) and Bridge Petroleum (30%).
Meanwhile, Crown Minerals has also released some alarming figures on this country’s continued declining petroleum production and reserves.
It says total gas production in 2003 was 173.9 bcf, the lowest since 1985, though this was coupled with a substantial increase in gas prices. Estimated remaining gas reserves (excluding fields under appraisal) were 1066.47 bcf last December, 19.24% less than at June 2002.
Total oil and condensate production last year was 8.71 million barrels, the lowest experienced since 1984, with estimated remaining reserves (excluding fields under appraisal) of 44.074 million barrels, 19.13% less than at June 2002.