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NZOG talks to possible prospect partners
31 August 2010 - Wellington-based New Zealand Oil & Gas Ltd said it is discussing with interested parties proposed drilling of its large high-ranked Kaupokonui prospect offshore from south Taranaki.
Sources: NZOG and Lindsay Clark
NZOG said it plans to reduce its current permit interest by attracting one or more partners prepared to commit to drilling at least one exploration well.
This follows the mapping of an extensive portfolio of prospects and leads within the 100% NZOG-owned PEP 51311 permit. Over the past year 500 km of new 2D seismic data has been evaluated plus other historic seismic has been reprocessed.
The highest ranked prospect is Kaupokonui, a stacked series of Motueka coastal sands, with estimated mean prospective recoverable resources of 200 plus million barrels of oil.
Previously NZOG said PEP 51311 is within the same petroleum system that has charged the Moki sands which hold the reservoir for the Maari oil field 20 km to the west, and the Farewell sands of the Kupe field 20 km to the east.
The stacked Motueka coastal sands in the Kaupokonui prospect are laterally truncated and predicted to be sealed by deep canyons. The prospect relies on a trapping mechanism found in other parts of the world but not yet shown to work in Taranaki.
NZOG said in its June quarter report that a preliminary well plan and budget for an exploration well have been obtained, and a site survey undertaken over the proposed Kaupokonui drilling location. A well commitment is required by January 2011, with the well to be drilled within the following 12 months.
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