Seismic Vessel Pacific Titan Kicks Off Surveys in NZ Basins

The CCG Veritas seismic survey ship Pacific Titan has begun acquiring 2D seismic for a number of exploration companies in the Taranaki, Deepwater Taranaki, Canterbury and Great South basins.

One of the first clients will be a 3,000 km 2D seismic survey for Colorado based operator Global Resource Holdings LLLP in the Deepwater Taranaki Basin PEP 38451.

Pacific Titan will shoot the seismic in two parts. In the southern third of the permit 1,000 kilometers (km) will be acquired using 6 km streamers. In the northern portion 2,000 km of seismic data will be obtained using high resolution, long offset 10 km seismic streamers which will infill existing data.

Australian Worldwide Exploration (AWE), which has taken a sizeable position in offshore Taranaki Basin, has now farmed in to PEP 38451 in the deepwater basin by partly funding the seismic survey for Global. Korean company Hyundai Hysco, which farmed into Global's permit last April, will pay half the cost of the seismic program.

AWE will earn a 10% interest in PEP 38451. Once the AWE farm-in is complete, the PEP 38451 partners will be Global (50%), South Korea's Hyundai Hysco (30%), AWE (10%), and Randall C. Thompson, LLC (10%).

Randall Thompson of Global said that AWE has the option to increase its equity in the southern portion of the permit to 40% by funding 70% of the drilling of one exploration test well. This option must be exercised by April 2010, following the acquisition, processing and interpretation of the new seismic data.

AWE said it is also acquiring seismic in four offshore Taranaki permits which it operates. These are PEP 38483 (the large area where the Hector-1 well was drilled), PEP 381202 (containing the Paua prospect 70 km north of Tui), PEP 38481(containing the Tikati prospect along a structural trend where AWE drilled the West Cape-1 well), and PEP 38524 (off D'Urville Island at the tip of the Marlborough Sounds).

Closer to shore Greymouth Petroleum will be acquiring 210 km of 2D seismic in PEP 38775 east of the Pohokura gas condensate field.

Later Greymouth will be acquiring 400 km of seismic data from its PEP 50122 in the Great South Basin close in to the Southland-Otago coast.

Origin Energy will be acquiring approximately 1,000 km of 2D seismic data in PEP 38264, in the Canterbury Basin using the Pacific Titan. The 23,800 sq km permit extends south from Banks Peninsula through deep water to east of the Otago Peninsula.