Two cores have been cut with the second core exhibiting hydrocarbons.
“Strong oil shows in sandstone were observed down to the base of the core at 3684.5 metres,” said a New Zealand Oil & Gas company statement.
“The forward plan is to drill to total depth of approximately 4100 metres and run wireline logs to establish the nature and extent of any hydrocarbon bearing zones in the well. On a trouble-free basis we would expect initial results to be reported on Friday, 16 April or Monday, 19 April.”
Other participants in the venture are New Zealand Overseas Petroleum Limited (operator) 45%; WM Petroleum Limited (a wholly owned subsidiary of Pan Pacific Petroleum N.L.)10%; AWE New Zealand Pty Ltd 20%; and Mitsui E&P New Zealand Limited 12.5%.
