Pan Pacific Petroleum NL (PPP) announced Tuesday the firm and New Zealand Oil and Gas Ltd. (NZOG) have completed a review of the increase in Tui reserves attributable to the Pateke-4H well in petroleum mining permit (PMP) 38158 offshore New Zealand, and estimate a total increase in 2P recoverable reserves of 2.4 million barrels gross, 360,000 barrels net to PPP as at Jan. 1. This comprises 1.9 million barrels from the Pateke-4H accumulation and an additional 0.5 million barrels from the other Tui Area Fields as a result of the extension of economic field life. This estimate excludes any additional oil which will be used as fuel.
The Pateke-4H estimate will be reviewed and updated when the well is on production and actual performance can be compared with the forecast from the current model. The well is scheduled to be tied into the FPSO (floating production, storage and offloading) in 1Q 2015, with production in 2Q. The effect of Pateke-4H on the extension of the economic field life of the Tui Area Fields is dependent on oil price, and includes an assumption of a return to higher oil prices during the field life.
The Joint Venture partners in PMP 38158 are:
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