"In light of our oil discovery at Tui we also consider both Hector and Pukeko to be bloody good prospects and our commitment to finish seismic over Pukeko this coming summer is a reflection of the confidence we have," New Zealand Oil & Gas exploration manager Eric Matthews told EnergyReview.Net from Sydney today.
Matthews said the 678 sqkm extension took the total acreage in PEP 38460 to 3494 sq km, one of the largest in offshore Taranaki.
The Veritas vessel Pacific Sword had recently finished acquiring 350 sq km of 3D seismic over the Tui prospect, but poor weather conditions had caused the deferral of the 150 sq km survey over Pukeko, which lies approximately 70km southwest of Tui, until the 2003-04 summer.
Matthews reiterated his earlier stated confidence in the permit, saying processing of Tui seismic data was being fast-tracked, with preliminary results available in June or July, so a drilling campaign could be arranged for next summer.
NZOG now believed horizontal wells in the Tui prospect could each flow in excess of 5000 bopd from the Eocene-aged Kapuni F sands, making a 10-million-plus oil pool at Tui economic to develop.
