Todd's Terrace-1 Targets Kapuni Sands 2 km Offshore Near Pohokura

Todd Energy's 100% owned and operated Terrace-1 well is making good progress from its onshore pad to a target over 2 km offshore and west of the Pohokura gas-condensate field.

Richard Crowe, Todd Energy's operations and technical manager, said that Terrace-1 is an exploration well which is being operated by Todd subsidiary Todd Pohokura Ltd in PEP 38459. The other two partners in that permit, Shell and OMV, are not participating in the Terrace-1 well.

Mr. Crowe said Todd is targeting a separate prospect from the Pohokura field but in similar Kapuni Group Mangahewa Formation sands.

The Terrace-1 well, which was spudded on September 9, will be drilled to a depth of about 4,900 m and is expected to reach total depth by the end of October.

The Terrace-1 well pad is sited near the coast on New Plymouth airport land. The 50 m high rig is visible to air travellers as it is sited directly across from the airport terminal and about 400 m from the runway.

The well follows on from the Terrace 2D seismic survey, which was conducted in late 2004 between Bell Block and Waitara both onshore and offshore.

Todd is using the Parker drilling rig 188, which was originally brought to New Zealand to drill the onshore Pohokura South-1 exploration well in 2001, and two later appraisal wells drilled from onshore to offshore to confirm the southern end of the Pohokura field. Recently, the rig has been drilling geothermal wells in the Bay of Plenty area.