Genesis Wins Permit for Offshore North Taranaki

Taranaki Basin
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Electricity producer Genesis Power has made it first step on its own into offshore exploration with the granting of a permit to the company over the Mangatoa area in nearshore North Taranaki, according to New Zealand Crown Minerals.

The 361-square-kilometer PEP 39 1204 immediately south of Kawhia Harbour, covers essentially the same area in which New Zealand Oil & Gas and Origin Energy earlier worked up the Mangatoa gas prospect before relinquishing the ground.

NZOG indicated that potentially Mangatoa might contain over 2 trillion cubic feet of gas, but there were significant risks associated with obtaining adequate gas flows from a tight reservoir.

Genesis spokesman Richard Gordon said that the permit, while high-risk, also offered high upside.

Under the permit work program Genesis is to conduct core description and seismic facies study to better understand the paleo-environmnent of deposition and sandstone facies of the Taniwha Formation extending away from Te Ranga-1, an earlier well.

Genesis also plans to acquire a minimum of 300 square kilometers of 3D seismic in the first two years and to drill a Mangatoa well within three years.

Genesis is also a partner in the offshore Kupe mining permit now being developed by operator Origin Energy in South Taranaki. In onshore Taranaki Genesis is a partner with Austral Energy in the Cardiff gas field.

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