Cue Energy Resources Limited announced Thursday that the Te Kiri North-1 well, located onshore New Zealand within permit PEP 51149, was spud Dec 16.
Operated by Todd Energy Limited, the well will test the Arawhata structure consisting of Mt Messenger and Moki sands of Miocene age, and the Te Kiri North structure consisting of Mangahewa and Kaimiro sands of Eocene age. In a success case, the operator’s best estimate indicates a recoverable mean prospective resource size of 10 million barrels of oil in the Arawhata prospect and around 75 billion cubic feet of gas in the Mangahewa Formation, with an incremental 35 bcf in the Kaimiro Formation, both of which are situated in the Te Kiri North structure.
The well, which will be drilled to 17,716 feet, is expected to take approximately 50 days to reach its target depth. Should hydrocarbon indications be present, a further 12 days have been scheduled for evaluation operations.
Cue CEO David Biggs commented in a company statement:
“I am pleased to announce the spudding of the Te Kiri North-1 well. If successful, production from this field could be connected into the existing pipeline network, providing a new source of cash flow for Cue in the short term.”
Todd Energy Limited holds an 80 percent operated interest in PEP 51149, with Cue Taranaki Pty Ltd holding the remaining 20 percent.
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