Bridge Makes Onshore Taranaki Discovery

Natural gas and oil has been discovered in the Radnor-1 well, in onshore Taranaki near Stratford, by Bridge Petroleum Ltd, a privately-owned New Zealand company.

Bridge said a production test over a 6m interval between 4290m and 4296m (in the Kapuni group sands) achieved an estimated stable flow rate of 4.0 million cubic feet per day on a 1/4 inch choke at a flowing tubing pressure of 3270 psi.

Bridge Petroleum operates the PEP 38752 permit and holds a 66% interest with Westech Energy New Zealand holding the other 33%. Bridge was awarded the permit as a result of the 2002 Taranaki blocks offer.

Methanex New Zealand Ltd wholly funded drilling of the Radnor deep gas prospect and has a priority entitlement to the gas produced.

The Radnor 1 well was drilled to a depth of 4358m in 35 days and encountered the primary Kapuni sand target structurally high to wells drilled into the same prospect in 1983 and 1990, Stratford 1 and 1A respectively. Extended flow tests at Stratford produced nearly 2 Bcf and 60,000 bbls of condensate.

Bridge Petroleum acquired an exploration permit over the block in 2002 and conducted a 3D seismic survey in 2003.

Kevin Johnson, executive director of Bridge Petroleum said further testing will be conducted shortly depending on equipment availability.

"A production station will be built on the site with new gas and liquids pipelines installed for transportation. Gas and oil should come on line in the first three months of next year once a new production station is commissioned," he said.

A further well, Radnor 2 is planned to be drilled in the early New Year.