Partner New Zealand Oil & Gas this morning said Pukeko-1 was at its final total depth of 4191m, having reached economic basement. Drill breaks associated with gas peaks and good oil shows were observed over a gross interval of 105 metres from 4055-4160m.

NZOG exploration manager Eric Matthews cautioned against any undue optimism until the results of the electric logging were known and any subsequent flow testing done.

“The economic significance of this interval needs to be determined by wire line logging and the forward plan is to commence logging as soon as possible. Preliminary results should be available within 48 hours,” he told EnergyReview.Net from Sydney.

However, he enthused over what was already known about Pukeko.

“We have now established the oil play fairway west of Maui, that’s the big thing to get excited about. We have some very good reservoirs, some very big structures that need investigating, which is fantastic.

“That’s not talking down Pukeko, which could prove to a significant find in its own right.”

Matthews said 100m-plus hydrocarbon intervals had been encountered offshore Taranaki before, with some parts of the more southern and shallower Kupe field having 120m sections of petroleum-bearing properties.

Results of the Pukeko electric logging - which should determine whether the Eocene-aged Kapuni F sands had been encountered - would be made public on Monday.

No matter how good the results of Pukeko, the Ocean Bounty will not be drilling more PEP 38460 wells after the already approved Kiwi-1 and Pateke-1 wells, near the northern Tui-Amokura finds, as it is contracted to work in Australia’s Bass Strait from later this year.