New Zealand

A group led by AWE New Zealand Pty. Ltd. will drill the Tuatara-1 exploratory well on PEP 38524 offshore in the southeastern Taranaki basin spudding in June 2010.

By OGJ editors
HOUSTON, May 19
– A group led by AWE New Zealand Pty. Ltd. will drill the Tuatara-1 exploratory well on PEP 38524 offshore in the southeastern Taranaki basin spudding in June 2010.

Tuatara targets a potentially recoverable 80 million bbl of oil in a typical Taranaki basin-style trap similar to the one at Maari oil field 80 km to the northwest. Tuatara-1 is in 50 m of water 15 km north of New Zealand’s South Island.

Roc Oil (Tasman) Pty. Ltd. will earn a 15% participating equity interest in the license upon government approvals, leaving operator AWE with 75%. Kea Oil & Gas Ltd. has 10%.

Meanwhile, the economic development ministry awarded 171-sq km PEP 52181 offshore Taranaki, on trend with Rimu and Kauri fields, to Roc Oil operator 50%, Mighty River Power Gas Investments Ltd. 20%, and L&M Energy Ltd. and Mosaic Oil NL 15% each. The license contains the multipay Kaheru prospect for possible drilling in year 3.

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