Greymouth Petroleum Drills Goldie-2 Appraisal Wel

Greymouth Petroleum Ltd has completed Goldie-2 appraisal well in the Ngatoro field in New Zealand located in the onshore Taranaki permit. The well spudded on November 5 and reached TD by the end of November.

Company principal John Sturgess said that Goldie-2 was terminated after expensive mud losses were experienced. The well is being tested to evaluate its potential as a producer or an injector.

He said two more wells will be drilled from the Goldie site during 2004 and that the expanded pipeline network will enable further water injection projects to be implemented in the area.

Further pipelines will be laid shortly between Ngatoro and Kaimiro to provide extensive services to all main Ngatoro and Kaimiro sites, and significantly enhance hydrocarbon recoveries in the area.

Mr. Sturgess said well testing and studies are planned for early 2004 to determine the optimal production/injection pattern for the Goldie pool with the aim of having the Phase 1 development onstream by March 2004.