Cutter-1 a wet blanket

THE Cutter-1 exploration well failed to encounter hydrocarbons in the primary objective Shag Point Formation, which was water-wet, partners Tap Oil and Australian Worldwide Exploration said today.
Cutter-1 a wet blanket Cutter-1 a wet blanket Cutter-1 a wet blanket Cutter-1 a wet blanket Cutter-1 a wet blanket

Gas shows were recorded in the shallower Mohiki Formation sandstones. But wireline logs indicated the formation has poor reservoir quality and was unlikely to be commercially significant, they said.

Operator Tap Oil said it was encouraged by these gas shows and the “inference they have for the nearby Barque prospect, which is located more proximate to the hydrocarbon-generating source rock, and where similar seismic characteristics are observed”.

Once the Ocean Patriot rig has completed operations at Cutter-1, it will move to the Taranaki Basin to undertake AWE’s eight-well exploration and development program. It said the first well was planned to be Tieke-1.

Cutter-1 is in the PEP 38259 permit, about 23km off the east coast of New Zealand’s South Island and 200km south-southwest of Christchurch in the offshore Canterbury Basin.

Aside from AWE and Tap, which have a 25% and 40% stake, respectively, the two other joint venture partners in the well are Beach Petroleum (20%) and Anzon (15%).