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.
Most Popular Articles
From the Career Center
Jobs that may interest you