Kan Tan IV's Arrival in Taranaki Pushed Back to Late Feb

Kan Tan IV
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The Kan Tan IV, which AWE is mobilizing to New Zealand for a multi-well drilling campaign, has been delayed in Bass Strait and is now expected to arrive in Taranaki in late February.

AWE said in its December quarterly report that the rig would be towed across the Tasman Sea and will begin drilling the Hoki-1 exploration well as the first well in its New Zealand program.

Hoki-1 will target a large prospect on the outer edge of the Taranaki Basin, which has the potential to hold 250 million barrels of recoverable oil. The rig will then drill at least two wells in the area around the Tui oil field (AWE 42.5%). Further drilling is also under consideration in the Taranaki Basin beyond the currently defined program, the AWE report said. In its latest investor presentation, AWE said it was awaiting environmental appeal over its other proposed well in its current program.

This is the Tuatara-1, a Moki sands play, off D'Urville Island in the Marlborough Sounds. The Tuatara prospect has a 100 million barrel potential. Origin Energy, which plans to drill two exploration wells in the Northland Basin with the Kan Tan IV rig, said in its December quarterly report that the wells are now scheduled to be drilled in the June quarter of 2010.

A year ago Origin said that its two gas prospects southwest of Auckland, the Korimako and Tarapunga, were to be drilled in late 2009. The Korimako prospect southwest of the Manukau Harbour entrance is a Miocene fault-dependent closure with potential to contain 500 bcf of natural gas. The Tarapunga is a Pliocene-aged turbidite play with a potential of 300 bcf of gas.

The well site is north of Todd Energy's Karewa gas discovery some 50 km offshore from Raglan.


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