The prospect lies in the southern part of the Transworld-operated permit where the Tui-1 and Amokura-1 oil discoveries were made. Two more exploration wells Pateke-1 and Kiwi-1 will be drilled in July and August near the earlier discoveries by the Ocean Bounty.
One of the listed partners New Zealand Oil & Gas Ltd said: "The operator of the PEP 38460 joint venture is now investigating options for early acquisition of 3D seismic in order to define potential up dip of Pukeko-1."
Wire line logging data at Pukeko-1 in the interval 4055-4160m, where gas peaks and oil shows were observed while drilling, indicate interbedded shales and sands with poor reservoir quality.
NZOG said it was possible that the shows encountered while drilling may be remnants of an ancient oil field that has subsequently been spilled by later tectonic movements in the area.
Over the interval 3910-3917m, wire line log data indicated sandstones of poor reservoir quality.
Another partner, Australian Worldwide Exploration Ltd, said the shows have confirmed an oil play in the western Taranaki region. More seismic would help define potential at the other leads and prospects around the oil-generative Kahurangi Trough.
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