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.
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