AWE Identifies Several Large Canterbury Basin Prospects

Several large prospects in the Canterbury Basin have been identified from reprocessed seismic data, Sydney-based, Australian Worldwide Exploration Ltd says in its report for the quarter to June 30.

AWE says the 50-50 joint venture, with Perth-based Tap Oil Ltd (operator) in PEP 38259 in the southern section of the offshore Canterbury Basin, continues to negotiate with potential farm-in parties in order to assist in the funding of an exploration well.

Tap says in its June quarter report that the joint venture may next year drill the Cutter-1 well closer to shore (north of Oamaru) instead of the larger and deeper Barque-1 prospect.

This was because of "availability of deep water rig equipment, joint venture approvals and permitting processes." The Cutter-1 well would target 50-80 million barrels of oil. This compared with the Barque target of 5-6 TCF of gas plus 500 million barrels of condensate.