New Zealand Oil and Gas says the Bounty started its expected month-long journey from the Northwest Shelf late on Tuesday night and is scheduled to arrive off Taranaki about March 21-23.
The rig is scheduled to drill two definite wells for the PEP 38460 consortium - headed by operator New Zealand Overseas Petroleum (a Transworld subsidiary) - and a likely well for Shell NZ, Todd Energy and OMV in nearby licence PEP 38482, believed to be targeting a significant closure with possible reserves of 1.7 tcf of gas and 220 million barrels of condensate.
A third well for the 38460 partners is possible, depending on the results of the Amokura-1 and Pukeko-1 wells.
“We are really excited about and looking forward to this program. These are pretty key wells and success would mean significant potential for oil compared to gas. It could also be seen as confirmation of my long-held theory about the westward migration of oil in offshore Taranaki,” NZOG exploration manager Eric Matthews told EnergyReview.Net from Sydney today.
“There are other prospects, a lot of them, in 38460 and the nearby 39483 licence which NZOG holds with AWE.”
Matthews said Amokura-1 will be targeting Eocene-aged Kapuni F sands 4km from last year’s Tui oil discovery, with the Amokura prospect having the potential to contain up to 35 million barrels of recoverable oil.
Targets for Pukeko-1, 70km south of Amokura-1, are the stacked Kapuni C, D and F sands - from which the nearby Maui field produces. The main Pukeko target, the Kapuni C sand has potential to contain over 80 million barrels of recoverable oil. While higher risk, each of the D and F sands has similar potential to the C sands.
Commentators say rumours that Aussie companies Tap Oil and AWE were to utilise the Bounty in the offshore Canterbury licence PEP 38 259 now appear untrue.
“The Bounty is required back in the Timor Sea in September or October and there simply is not be enough time for Tap and AWE to map reprocessed seismic and drill two years ahead of licence commitments,” said one commentator.
