Bridge to Drill First Onshore Taranaki Well

Bridge Petroleum Ltd plans to drill the Radnor-1 well in PEP 38752 in onshore Taranaki.

Ed Davies, executive director of Bridge, said from Denver that Radnor-1 will test three individual Kapuni sand deep gas targets identified on a 3D seismic survey acquired last year.

Bridge has commenced site construction and anticipates a spud date of August 1 with the Parker 246 rig.

The PEP 38752 permit, which was awarded in the 2002 Taranaki bidding round, includes the 1983 Stratford-1 discovery DST#2 which flowed at a maximum of 2.5 million cubic feet a day. However the well was abandoned by operator, Petrocorp, as uneconomic at the time.

Bridge holds a 66.67% interest in the permit with Denver-based partner Westech Energy New Zealand Ltd 33.33%.

Kevin Johnson, the other executive director of Bridge, said that a series of shallow coal seam gas drill holes in its PEP 38612 and 38613 permits in the south Waikato area should also be drilled in the July-August time frame. Bridge and Westech hold a 50% in these two permits with Bridge as the operator.

Mr. Davies, who has overseen Westech's exploration involvement in New Zealand since the company arrived in 1995, left the company recently and is now working fulltime for Bridge. Bridge and Westech will maintain an ongoing partnership in Taranaki.

John Frederick, Westech's exploration manager, will now head Westech's interests in New Zealand.