“Exploration successes at (offshore) Amokura and Tui and (onshore) Kahili and Cheal have highlighted the prospectivity for both oil and gas in Taranaki.

However, explorationists should also remember the potential of the almost forgotten southwest corner of the region,” GeoSphere principal Mac Beggs told EnergyRevew.Net.

Only one well, Te Kiri-1, had been drilled in the coastal region despite the area being between the still sizeable Kapuni gas-condensate field to the east, and the formerly giant Maui offshore field to the southwest.

Beggs said Te Kiri-1, drilled by Petrocorp in 1986, encountered multiple hydrocarbon shows below 1850m and GeoSphere believed there were significant primary reservoir objectives in the Miocene-aged Moki formation and Eocene-aged Kapuni formation. The Moki was prone to oil between 2800-3300m, while the Kapuni was gas-condensate prone below 4000m.

GeoSphere believed there was bypassed oil at Te Kiri and undrilled Moki F structures with combined P50 reserves of 73 million barrels.

While such prospects might not interest majors, Beggs believed there was sufficient potential there to attract small-to-medium independents such as Texan company Discovery Geo, which was already active in three similar onshore block further north around Mt Taranaki.

GeoSphere’s recent 160-sample soil gas survey over parts of its PEP 38749 and 750 licences suggested Miocene closures updip of Te Kiri-1 and in a number of other areas to the east.

GeoSphere is presently seeking farmin partners in both permits to help fund further seismic and prospect definition work later this year, with a well planned for 2005.