Transworld Expands Tui 3D Survey over Pukeko Prospect

Transworld Oil has been granted an expansion of its Tui offshore Taranaki permit PEP 38460, where oil was discovered by Tui-1 in February, to include the Pukeko and Hector prospects.

Transworld, which is carrying out a 3D seismic survey of Tui, is also to carry out a 150 square kilometer survey of Pukeko, which lies to the south of the previous 38460 permit boundary and over 30 kilometers west of OMV New Zealand Ltd's Maari oil discovery.

Operator New Zealand Overseas Petroleum Ltd, a subsidiary of the Bermuda-registered Transworld Oil group, holds a 45% stake with joint venture partner New Zealand Oil & Gas Ltd's subsidiary Stewart Petroleum Ltd (20%), NZOG's associate WM Petroleum Ltd (15%) and AWE New Zealand Pty Ltd (20%).

NZOG exploration manager Eric Matthews said in early May that 300 square kilometers of the planned 350 square kilometer Tui 3D had been completed by the Veritas seismic vessel Pacific Sword.

But poor weather conditions, which have caused a week's delay already, seem to have set in for the winter. This probably means the survey of Pukeko and the remaining area of Tui will be delayed until November 2003.