DRILLING

Third Taranaki success for Tui/Amokura partners

The Ocean Bounty has struck black gold for the PEP 38460 partners for the third time - finding a well-reservoired 13m oil column in the northwest of the permit with the Pateke-2 follow up hole.

Third Taranaki success for Tui/Amokura partners

Partner New Zealand Oil & Gas today said logs indicated the 13m oil column had been encountered in the targeted Eocene-aged Kapuni F sands and that log characteristics indicated excellent reservoir quality - “the same as in the previous nearby wells at Tui and Amokura”.

“I am indeed pleased, very pleased,” NZOG exploration manager Eric Matthews told EnergyReview.Net from Sydney this morning.

“Although there has been no joint venture discussion, let alone approval yet, regarding the development of these fields, we think it’s probable that field development will proceed, centred around Amokura, particularly if Kiwi comes in.”

Pateke-2 had reached total depth of 3861m and as soon as operations there were completed, the Bounty would move to drill Kiwi-1, 4km southwest of Amokura-1, which would also target the Kapuni F sands.

Matthews said the full size of the Pateke-Amokura field would be determined once post-drill studies had been completed in 6-8 weeks. It was likely the partners would proceed rapidly to a development decision, with first oil possible within 24 months.

The oil-water contact in Pateke-2 was at the same depth as in the Amokura-1 well, 4km to the south, which implied both wells had drilled into the same pool of oil.

Amokura-1 encountered a 12m oil column earlier this year and Tui-1 a 10m column early in 2003. Some commentators believe Tui could contain up to 16 million barrels of recoverable oil and Amokura-Pateke 35 million barrels or more, with horizontal production wells each capable of flowing in excess of 5000 bopd.

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