Transworld to operate offshore Tui-1 well

A fourth offshore Taranaki well Tui-1 is now likely to be drilled this summer by the Ocean Bounty semisub following the farm-in of Transworld Oil, a Bermuda-based group which will take over as operator of PEP 38460 from New Zealand Oil & Gas Ltd.

A subsidiary of Transworld, New Zealand Overseas Petroleum Ltd, will acquire 45% of the Tui permit northwest of the Maui field.

NZOG exploration manager Eric Matthews said this will reduce NZOG's interest (through Stewart Petroleum Company Ltd) from 40% to 20% and affiliate Pan Pacific Petroleum NL's interest (through WM Petroleum Ltd) from 40% to 15%. The other partner AWE New Zealand Pty Ltd continues to hold a 20% stake.

The drilling campaign by the Diamond Offshore's semisub, Ocean Bounty, will see more offshore wells drilled back-to-back in New Zealand than for some years.

The Ocean Bounty, now drilling the Pohokura-3 well in PEP 38459, will carry on to drill the Conoco-operated Karewa-1 well off Raglan Harbor in PEP 38602, the OMV-operated Maari-2 in PEP 38413, and then Tui-1.

Transworld is a private company, registered in Bermuda but operating mainly out of the US, which owns and operates a Louisiana refinery and has a number of oil interests in the Gulf of Mexico.

NZOG said Tui-1 is expected to spud in February and to take some 30 days to reach a total depth of approximately 4000 meters.

The Tui prospect's main target is the Kapuni D sands at approximately 3400 meter depth. Secondary objectives include the Moki Formation at around 2400 meters, and the Kapuni F sands at 3800 meters.