L&M pins down rig for South Island drilling

DUAL-listed explorer L&M Petroleum has signed up a rig to drill the initial three wells in its 2007 New Zealand exploration program.
L&M pins down rig for South Island drilling L&M pins down rig for South Island drilling L&M pins down rig for South Island drilling L&M pins down rig for South Island drilling L&M pins down rig for South Island drilling

All three proposed wells are located within the Waiau permit PEP 38226 in Southland.

L&M, which in January started trading on both the New Zealand and Australian stock exchanges, said it had contracted the Bonus Rig-2 to mobilise to its first drilling location on or about April 10.

Due to spud 10 days later, the onshore Eastern Bush-1 exploration well is targeting a potential 253 million barrels of in-place oil in the Eocene Beaumont Formation. It is expected to take three weeks to drill to a total depth of 2520m.

From there, the rig will move to the Dean prospect, also in the Waiau permit, to drill the second well to a planned total depth of 2100m.

L&M has the option of drilling a third well at the Merton Creek prospect to a total depth of 2500m.

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