The company said today it expected the Mangamingi-1 exploration well, in licence PEP 38758, to spud on or about December 7.

“Site construction has been completed, the conductor barrel is set, and we are just waiting for the Bonus Drilling rig to finish another operator’s workover,” said TAG president Drew Cadenhead.

“We’ll then mobilise the rig to our drilling site.”

New drilling company Bonus Drilling New Zealand is presently working on the Moturoa-5 and 6 wells at Port Taranaki, New Plymouth, for private explorer Greymouth Petroleum.

Cadenhead said Mangamingi-1, the first well to be drilled in PEP 38758, was targeted following detailed geochemical sampling and a 35km 2D seismic survey shot over part of the 49.15 square kilometre permit last January.

TAG exploration manager Mark Webster said Mangamingi-1 would target a Miocene-aged closure overlaying a basement block.

Mangamingi-1 will be only the third well in the eastern Taranaki hinterland.