Kan Tan IV Commences Drilling at Oi-1 Well Offshore Taranaki

  • AWE Limited (via subsidiaries) (Operator): 57.50 percent
  • New Zealand Oil & Gas (via subsidiaries): 27.50 percent
  • Pan Pacific Petroleum (via subsidiaries): 15.00 percent

The Joint Venture partners in the Oi-1 exploration well are:

  • AWE Limited (via subsidiaries) (Operator): 31.25 percent
  • New Zealand Oil & Gas (via subsidiaries): 18.75 percent
  • Pan Pacific Petroleum (via subsidiaries): 50.00 percent

Prospective Resources

AWE follows the Society of Petroleum Engineers – Petroleum Resources Management System (SPE-PRMS) guidelines with respect to the definition of different classes of reserves and resources. SPE-PRMS defines Prospective Resources as being the estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) related to undiscovered accumulations. These estimates have a probability of discovery and a probability of development. Consistent with these guidelines, AWE has assessed the   probability of geological success to be 17 percent and the probability of commercial success to be 13 percent. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons and the probability of development.


12

View Full Article

WHAT DO YOU THINK?


Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Most Popular Articles