The company reports it has completed site preparation construction for the exploration well and drilling operations will commence later in August.
John Sturgess, Greymouth's chief of operations said; "As a result of our seismic acquisition programme carried out in 2003 we have identified an area of interest in the PEP 38739 area. Drilling is expected to take several months as a result of logistical constraints."
This is a large permit area with only one well drilled to date. The well, Kiore-1 was drilled by Shell, BP and Todd Oil Services in 1964.
He said Greymouth's new well will be called Tiwakawaka-1 because of the numerous fantail birds present in the rugged and remote wellsite area.
Greymouth have a 100% interest in PEP 38739.
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