The joint venture has relocated the semisub to drill the large Pukeko prospect, located approximately 70 kilometers south of the Tui and Amokura oil discoveries and approximately 30 kilometres west of the undeveloped Maari oil accumulation. Pukeko-1 will target a series of stacked reservoirs, each with potential reserves in excess of 80 million barrels. The well is targeting oil in the Kapuni "C", "D" and "F" sand reservoirs, each with potential reserves in excess of 80 million barrels. On a "trouble free" basis, the well is expected to take approximately 23 days to reach its planned total depth of approximately 4,200 meters.
The Ocean Bounty's third well in its 2004 campaign will be in PEP 38482 immediately to the north of the Tui discovery.
Participants in PEP 38460 are New Zealand Overseas Petroleum as operator with 45%; AWE New Zealand with 20%; Mitsui E&P with 12.5%; Stewart Petroleum with 12.5%; and WM Petroleum with the remaining 10%.
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