Bounty Oil Says New Zealand Prospects Better than Expected
Bounty Oil
Probable recoverable gas reserves of 1.4 Trillion cubic feet (Tcf) and additional possible recoverable gas reserves of 2.4 Tcf have been estimated in the Toroa structure in the oil and gas permit PEP 38215, held by Bounty Oil and Gas in New Zealand's Great South Basin.
Bounty Managing Director Tom Fontaine said the revised estimates of reserves, produced from recent reprocessing and remapping of seismic and a re-analysis of well log data in the area, were considerably greater than originally expected.
"We have reprocessed all seismic data in the permit and re-analysed the data from a number of exploration wells in the area, including the 1976 Toroa-1 well, initially drilled by Hunt International Petroleum, which we believe intersected hydrocarbons but was unable to test due to mechanical problems." Mr. Fontaine said.
"While we are still finalizing our studies, the preliminary work indicates the existence of considerable probable and possible gas and condensate reserves at Toroa and we're very optimistic about working the field. First-pass mapping in the rest of the permit has confirmed the presence of numerous prospects and leads with substantial oil and gas potential.
"Bounty has since increased its interest in the permit from 33.75 to 35 percent. Our joint venture partners are Hardman Resources Ltd. with 55 percent and Albatross Energy with 10 percent. "As an indicator of our confidence in the prospectivity of the field, we have already commenced discussions with possible gas customers."
Mr. Fontaine said Bounty and its joint venturers were considering drilling a test well in this permit in late 2004.
Partners in PEP 38215 are: Bounty Oil as operator with 35%; Hardman Resources with 55% and Albatross Energy with 10%.
Bounty Managing Director Tom Fontaine said the revised estimates of reserves, produced from recent reprocessing and remapping of seismic and a re-analysis of well log data in the area, were considerably greater than originally expected.
"We have reprocessed all seismic data in the permit and re-analysed the data from a number of exploration wells in the area, including the 1976 Toroa-1 well, initially drilled by Hunt International Petroleum, which we believe intersected hydrocarbons but was unable to test due to mechanical problems." Mr. Fontaine said.
"While we are still finalizing our studies, the preliminary work indicates the existence of considerable probable and possible gas and condensate reserves at Toroa and we're very optimistic about working the field. First-pass mapping in the rest of the permit has confirmed the presence of numerous prospects and leads with substantial oil and gas potential.
"Bounty has since increased its interest in the permit from 33.75 to 35 percent. Our joint venture partners are Hardman Resources Ltd. with 55 percent and Albatross Energy with 10 percent. "As an indicator of our confidence in the prospectivity of the field, we have already commenced discussions with possible gas customers."
Mr. Fontaine said Bounty and its joint venturers were considering drilling a test well in this permit in late 2004.
Partners in PEP 38215 are: Bounty Oil as operator with 35%; Hardman Resources with 55% and Albatross Energy with 10%.
RELATED COMPANIES
Most Popular Articles
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- UK Oil Regulator Publishes New Emissions Reduction Plan
- PetroChina Posts Higher Annual Profit on Higher Production
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- McDermott Settles Reficar Dispute
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- USA Oil and Gas Job Figures Jump
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- Blockchain Demands Attention in Oil and Gas
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Equinor Makes Discovery in North Sea
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension