In its June 2003 quarterly report the New Zealand Oil and Gas associate company says the first of three Apache-operated wells is scheduled to be the Taunton-3 appraisal well in permit TL2, followed by Hyssop-1 and Mosman-1 exploration wells in permits TP7 and TL2 respectively.

Taunton-3 is an appraisal of the 3-5 million barrel Taunton-2 oil discovery and expected to spud about August 14, with a target depth of 1350m. If Taunton-3 confirms the commerciality of the pool, rapid development is expected with first production during 2004.

Hyssop-1 is scheduled to spud about August 25, with a target depth of 600m. The Hyssop prospect is a large fault-bounded closure against the Flinders Fault, associated with anomalous seismic amplitudes. Estimates of potential for the Top Barrow target are 10-30 million barrels of oil.

Mosman-1 is scheduled to spud about August 31, with a target depth of 2500m. Mosman is a large prospect in the Lower Barrow Group where 3D seismic has revealed an extensive turbidite sand that shales out updip in the South Pepper area.

The wellsite is located 3km west of the South Pepper-1 well where oil shows were observed at this level and where seismic indicates good quality sand to be present. The potential size of Mosman is 20-50 million barrels of oil.

Exploration manager Eric Mathews told EnergyReview.Net from the United States today that Pan Pacific had not put out any risked reserve numbers, although obviously Taunton was the lowest risk well. An average risk of 1 in 10 could be used for the Hyssop and Mosman wells, as prospects perceived as riskier than this tended not to get drilled.