Roc Oil Farms-In to Offshore Taranaki

Roc Oil farmed into PEP 38521, in the Taranaki Basin offshore New Zealand. Roc Oil will contribute towards the cost of the Tuatara-1 exploration well, operated by AWE New Zealand, to earn a 15% participating interest in the permit. The well is targeting roughly 80 MMbbl of potential recoverable oil reserves in a typical Taranaki basin-style trap, similar to the producing Maari oil field 50 miles (80 kilometers) to the northwest. Tuatara-1 will be drilled in 164 feet (50 meters) of water, around 9 miles (15 kilometers) offshore to the north of New Zealand's South Island. The farm-in agreement is still subject to governmental approvals. Following the approval, AWE will hold a 75% operating interest; Roc Oil will hold 15%; and Kea Oil and Gas Limited will hold 10%.

continue reading the full article

SubseaIQ provides focused, in-depth coverage of offshore field development activities around the world, with daily updates on hundreds of offshore fields and facilities. Click here to sign up for the free weekly email newsletter.
For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit