NZOG Plans Four Exploration Targets on Top of Oil, Gas Projects

Wellington-based New Zealand Oil & Gas Ltd is currently planning four petroleum exploration targets on top of its involvement in the two offshore oil and gas projects Tui and Kupe.

NZOG says in its half-year report to December 31, 2006, that the likely first exploration well to be drilled after the Tui field installation is complete will be the Hector-1 exploration well in PEP 38 483 in which NZOG has a 18.9% interest.

The Hector prospect is a dip-closed structure at the Kapuni-C level that has potential recoverable oil of 50-60 million barrels as mapped on the 3D seismic data set. Upside exists if the closure is filled to spill point, in which case the oil-bearing reservoir would extend beyond the area imaged by the 3D survey.

The NZOG report says further low-relief structures exist in the vicinity of the Hector prospect and provide additional potential in this permit if the Hector-1 exploration well is successful. Hector-1 is located approximately 70 kilometers southwest of the Tui Area Development in a water depth of 170 meters.

The Taranui-1 well in the Tui PMP 38158 field area in which NZOG holds a 12.5% interest will be drilled in the Taranui prospect approximately 15 kilometers northeast of Tui.

This prospect contains Kapuni F-sand reservoir targets similar to those discovered in the Tui area oil fields and has a potential of 5 to 15 million barrels of recoverable oil. Taranui-1 is scheduled to be drilled following the Hector exploration well in PEP 38 483. A discovery at Taranui could be tied back to the FPSO.

On the north Taranaki coast in PEP 38 729 a decision to drill an exploration well on either the Felix or Opito structure will be made in the first half of 2007. Technical evaluations are ongoing in the two prospects where the primary reservoir target is the Mangahewa Formation at the top of the Eocene Kapuni Group. NZOG has a 75% interest in the permit.

A transition zone seismic survey was successfully completed in August 2006. The data were recorded across the surf and beach zone to fill the gap between the existing land and marine seismic surveys. Initial processing results are in line with expectations.

At the Momoho prospect (originally named Stent) approximately 5 kilometers southeast of the Kupe field development area in PML 38 146, the primary reservoir target is the Farewell Formation as encountered in the Kupe field and surrounding discovery wells. NZOG has a 15% interest in the Kupe field.

The prospect is bounded by the Kupe South-4 gas discovery well to the north and the Kupe South-5 oil discovery well to the south, increasing the likelihood of hydrocarbon charge of oil and/or gas. The Kupe joint venture is currently considering using one of the option slots with the Ensco 107 jackup drilling rig to drill the Momoho prospect.

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