AWE says the 50-50 joint venture, with Perth-based Tap Oil Ltd (operator) in PEP 38259 in the southern section of the offshore Canterbury Basin, continues to negotiate with potential farm-in parties in order to assist in the funding of an exploration well.
Tap says in its June quarter report that the joint venture may next year drill the Cutter-1 well closer to shore (north of Oamaru) instead of the larger and deeper Barque-1 prospect.
This was because of "availability of deep water rig equipment, joint venture approvals and permitting processes." The Cutter-1 well would target 50-80 million barrels of oil. This compared with the Barque target of 5-6 TCF of gas plus 500 million barrels of condensate.
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