Initial Tui and Pukeko Seismic Data Shows Promise

Initial evaluation of the 350 sq km of recent 3D seismic data collected over the Tui oil discovery and associated Pukeko prospect in the PEP 38460 permit in offshore Taranaki, has identified several Kapuni sands prospects, says 20% interest holder New Zealand Oil and Gas Ltd.

The permit to the west of the Maui field is operated by the Bermuda-registered Transworld Oil subsidiary New Zealand Overseas Petroleum Ltd.

NZOG says in its June 2003 report that these new prospects in the Eocene-aged Kapuni D and F sands levels are in addition to the Kapuni F sand pool encountered by the Tui-1 discovery well early this year.

However, any firm decisions regarding further drilling would not be made until the seismic data, obtained during April and May, had been fully interpreted and evaluated. This was not likely until late September.

NZOG said the partners plan to acquire 150 sq km of 3D seismic over the Pukeko prospect, as soon as practicable in the coming summer to refine a drilling location. Pukeko was a Kapuni F sands closure extending over 40 sq km with the potential to hold 100 million barrels plus of oil.

NZOG, operator of the offshore permit PEP 38478 along the north Taranaki coast, said its Mangatoa gas-prone prospect needed further technical work. This includes assessment of reservoir quality and geophysical studies aimed at improving structural definition, before planning and costing a well to drill into the prospect. Any well would be drilled from onshore and deviated into the prospect.