In its first quarterly report for 2005, the Houston-headquartered company says final processing of data from New Zealand's largest-ever seismic program should be ready for analysis by its international geoscience team around mid-2005.

The 1760 square kilometre 3D seismic survey was conducted by the Veritas Viking II over three offshore Taranaki licences.

“It is our hope that several viable exploratory prospects will be identified, allowing Pogo to undertake a multiple well drilling program beginning in the first half of 2006,” the company says.

Pogo holds 100% interest in licences PEP 38488, 38489 and 38490 in the northern offshore Taranaki Basin.

The company also says it is considering the possible sale of its Thailand and Hungary assets, with data rooms being open “and filled with apparently interested prospective bidders”.

Pogo says it will sell these assets if it receives adequate bids by the late May closing date.

Twenty-five wells, all successful, were drilled during the first quarter on Pogo's 46.34%-owned Gulf of Thailand Block B8/32. The first quarter drilling program included development wells on Tantawan field platforms E and C, and Benchamas field platforms F and J.

Additionally, two first-quarter exploratory discoveries, the Benchamas No 28 which logged over 100m of pay, and Chaba No 4 which discovered pay thickness of over 20m, each confirmed future platform locations.

Pogo and its partners applied for two new production licences, covering all of the remaining exploration acreage within Block B8/32, in early March.

The company also announced first-quarter 2005 net income of US$59.236m on revenues of US$368.790m, with its board declaring a cash dividend of US6.25 cents per share.