Site preparation work on the contingent Pukengahu-1 location had also ceased, the company said.

Even before log results came in, the partners were doubtful of Oru-1 encountering any commercial hydrocarbons.

PanContinental and Impress Ventures yesterday said while minor shows were recorded, there appeared to be a lack of reservoir sands.

“Minor increases in gas readings and weak indications of oil fluorescence were recorded in the 1435 to 1440m interval,” PanContinental CEO and director Andy Svalbe said.

“Interpretation of the electric log data will determine the significance of these and previously reported poor quality hydrocarbon shows.”

The primary objectives for Oru-1 were the Mako A and B sandstones within the Oru Prospect, a simple anticlinal structure, which were encountered at the nearby 1993 Wingrove-1 well.

Wingrove-1 found extensive oil and gas shows while drilling and coring this interval, which were subsequently drill stem tested, resulting in a minor oil recovery.

Secondary objectives were the thin-bedded sandstone units of the upper Mt Messenger and intra-Urenui Formations.

The PEP 38716 partners are: operator Austral Pacific Energy (45.79173%), PanContinental Oil & Gas (through Euro Pacific Energy) (9.41512%), Swift Energy NZ (21.39801%), Todd Pohokura (9.41512%), Rata Energy (7.13266%) and Springfield Oil and Gas (6.84736%).