Greymouth Petroleum's Kaimiro-19 Well Finds Gas & Oil

A new shallow gas pool and a possible extension of the Goldie oil pool have been discovered within the Kaimiro mining permit (PML 38091) in onshore Taranaki by 100% owner and operator Greymouth Petroleum Ltd.

Kaimiro-19 was drilled towards the southern boundary of the permit which adjoins the Ngatoro mining permit (PMP 38148) in which Greymouth Petroleum has a 59.5693% interest.

Kaimiro-19 flowed gas and oil under a program designed to assess the productivity of the reservoirs encountered. Greymouth Petroleum said the Kaimiro-19 gas discovery had producible reserves estimated at about 5 petajoules (5 billion cubic feet of gas). As of June 30, 2002, the Kaimiro field had reported remaining reserves of 0.8 mmbbls of oil and condensate and 0.003 bcf of gas.

A Greymouth Petroleum spokesperson said the company considered the oil discovery, flowing at approximately 200 barrels a day, was an extension of the Goldie pool discovered by the Goldie-1 well drilled in the Ngatoro permit. Greymouth Petroleum has since proposed an integrated pressure test program involving both Kaimiro-19 and Goldie-1.

Greymouth Petroleum has stated that its forward work program involves, with partners the Ngati te Whiti hapu, the May 2003 re-entry of the Moturoa-2 well as part of a detailed appraisal program of its PEP 38464 permit.

Within the next six months, the company plans to drill two additional wells in the Kaimiro permit and a new deep well in the Moturoa field (PEP 38464).