Both wells are the outcome of successful evaluation work completed over the last year by Indo-Pacific for the permit holders; which beside Indo-Pacific include several prominent Australian oil and gas exploration companies. Indo-Pacific holds a 25% interest in PEP 38746 and a 30% interest in PEP 38753.
Wawiri-1 and Bluff-1 wells will both test Mt Messenger Sandstone targets at depths of 4500-5000 feet. Wawiri Prospect is defined as a fault block structure with an associated seismic amplitude anomaly, situated adjacent to, but at shallower depth than Swift Energy's Waihapa/Ngaere oil fields. Bluff Prospect is identified on 3D seismic as a similar target adjacent to Todd Energy's McKee oil field. Following success at either prospect, pipeline tie-in to adjacent production infrastructure may be readily achieved.
The Company has also entered into an arrangement with Krystal Corporation Pte Ltd, whereby Krystal will fund a portion of past costs, 26.4% of the Wawiri-1 well, and is obligated to fund 26.4% of the Akama deep gas test, when drilled, in order to earn a 20% interest in PEP 38453. Partners in this permit include Tap Oil (New Zealand) Pty Ltd and Magellan Petroleum (NZ) Ltd.
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