Cue Energy Resources Limited provided Tuesday an update on the Te Kiri North-1 well in permit PEP 51149, located onshore Taranaki Basin, New Zealand.
Field operator Todd Energy Limited indicated that the well, which reached a total depth of 15,187 feet (4, 629 meters) MDRT (Measured Depth Rotary Table) as at Jan. 19 within the Turi Formation, encountered hydrocarbon shows in the Miocene Mt Messenger formation.
"A wireline logging suite was run to evaluate the section ... (and) the logs indicated low reservoir quality and the decision was made not to further evaluate the zone," Cue Energy said in the press release, adding that the completion of the Te Kiri North-1 well fulfils the firm’s remaining obligations in the permit.
The operator -- which has an 80 percent interest in PEP 51149 -- has commenced plug and abandon operations at the well, while Cue Energy's subsidiary Cue Taranaki Pty Ltd. holds the remaining 20 percent stake.
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