In NZOG's report for the second quarter to June 30, the company says that analysis of the seismic is expected to provide better definition of potential hydrocarbon accumulations and will identify if final drilling location will be either on or offshore.
A decision whether to drill an exploration well into Felix or Opito will be made in early in 2007 following an evaluation of this new seismic data.
NZOG says the Felix-Opito area at the northern end of the Kapuni Group beach sands system deposited during the Eocene. These former beach sands had the potential to form hydrocarbon reservoirs such as found in the Maui, Pohukura, and Tui fields.
NZOG subsidiary Petroleum Resources holds a 75% stake in PEP 38729 while Origin Energy Resources the remaining 25%.
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