The well is located on anticlinal structure near Waingaromia-1, which produced significant oil and gas in the late nineteenth century before being destroyed by fire.
The Waingaromia-2 well will target the Lower Miocene sandstone reservoirs in the 388-403m interval (as drilled by Waingaromia-1) and in the 403-500m interval below total depth of the older well.
The well will assess a potential target of up to 21 million barrels of oil recoverable with up to 21 billion cubic feet recoverable of associated gas. Drilling should commence next week and take approximately two weeks to complete, according to Sun.
Participants in the well are Sun Resources NL 10%, Pan Continental Oil & Gas NL 33.22%, Indo Pacific Energy (NZ) Limited 34.28% (operator) and Origin Energy Resources (NZ) Limited 22.50%.
