Company operations and technical manager Richard Crowe said the well had been plugged and abandoned after no commercially viable hydrocarbon accumulations were encountered.
The Parker Drilling Rig 188 had spudded the well about six weeks ago to test the Terrace geological prospect about 2km offshore from the New Plymouth Airport. The well was directionally drilled to a total depth of 4847m within licence PEP 38459, in which the Pohokura petroleum mining permit (PMP 38153) is located.
Todd drilled the well on a 'sole risk' basis without the other Pohokura partners Shell New Zealand and OMV.
Terrace-1 followed a 40km 2D seismic survey over a strip of coastal land between Bell Block and Waitara and extending up to 6km offshore done earlier this year for Pohokura operator Shell Todd Oil Services.
Former Shell NZ country chairman Lloyd Taylor believed the predominantly offshore Pohokura prospect just nicked onshore.
The STOS website says the Pohokura prospect contains P2 reserves of 900 bcf of gas and 50 million barrels of condensate. First gas from the field is scheduled ashore in the second half of 2006.