Greymouth to Drill Tiwakawaka-1 Well

Greymouth Petroleum is to drill a wildcat well Tiwakawaka-1 in rugged inland Taranaki in its PEP 38739 permit about 25km inland from Stratford, New Zealand.

The company reports it has completed site preparation construction for the exploration well and drilling operations will commence later in August.

John Sturgess, Greymouth's chief of operations said; "As a result of our seismic acquisition programme carried out in 2003 we have identified an area of interest in the PEP 38739 area. Drilling is expected to take several months as a result of logistical constraints."

This is a large permit area with only one well drilled to date. The well, Kiore-1 was drilled by Shell, BP and Todd Oil Services in 1964.

He said Greymouth's new well will be called Tiwakawaka-1 because of the numerous fantail birds present in the rugged and remote wellsite area.

Greymouth have a 100% interest in PEP 38739.