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NZEC Touts Sixth Taranaki Find

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New Zealand Energy Corp. (NZEC) announced it has made its sixth oil discovery in the Taranaki Basin of New Zealand's North Island.

NZEC commenced testing the Arakamu-2 well in mid-March and swab tested two intervals for a total of 13 days. The well demonstrated strong inflow of oil, gas and water with the oil cut increasing, averaging more than 20 percent over the last three days of swab testing. The well has produced a total of 407 barrels of 42 degrees API oil to date. As a result of the well producing both oil and water artificial lift is required, and the well is currently shut in pending installation of artificial lift.

The Arakamu-2 well was drilled to a measured depth of 7,808 feet (2,380 meters) or 6,135 feet (1,870 meters) true vertical depth and encountered approximately 18 meters of net pay over two separate intervals in the Mt. Messenger Formation. Perforation of the upper interval demonstrated good inflow but sand entered the wellbore and the tubing string and perforating gun became stuck. Following extensive workover operations the tubing string and perforating gun were successfully recovered.

"We are pleased to announce a successful outcome at the Arakamu-2 well, with a new oil discovery that will add to NZEC's production and cash flow," said John Proust, chief executive officer of NZEC. "While this well has certainly posed more than its share of challenges, every well that we drill provides additional information and well control that will help guide future exploration in the Taranaki Basin."

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