New Zealand Oil & Gas this morning announced the results of the weekend’s wireline logging of the Pukeko-1 wildcat.

It said that over the interval 4055-4160m, where gas peaks and oil shows had previously been observed, log data indicated interbedded shales and sands with poor reservoir quality. Log data over the higher 3910-3917m interval indicated poor quality reservoir sandstones.

“Yes, I am a bit disappointed, but overall, Pukeko has been a very positive result. Seriously, it’s not a bleak result at all and we are encouraged by the presence of oil west of Maui,” NZOG exploration manager Eric Matthews told EnergyReview.Net from Melbourne.

Pukeko-1 had been a complicated well to drill and had thrown up a few surprises. It is now thought the well had missed the crest of the targeted structure and hit the swampy Mangahewa formation and not the clean Maui beach sands.

“It is possible the shows encountered while drilling may be remnants of an ancient oil field that has subsequently been spilled by later tectonic movements in the area. While there does not appear to be an economically producible oil column at this location, the joint venture is strongly encouraged by the extensive oil shows.”

Matthews said these confirmed the oil play in the area west of the Maui and an obvious option was to drill again north or northwest of Pukeko.

“There was a lot of uncertainty with this well, with complicating features, particularly at deeper levels. However, I know the operator (Trans World subsidiary New Zealand Overseas Petroleum) is already talking to seismic companies with a view to having 3D seismic done over part of the permit,” Matthews told ERN.

He expected to have a seismic program arranged within the next few months and perhaps shot before the end of the year.

Commentators were more circumspect, however. “I’m not sure you could even call this a geological success and I believe the jury’s still out on the existence of an extensive oil play fairway west of Maui as speculated by NZOG,” one told ERN.

It is expected the Diamond Offshore Drilling rig Ocean Bounty will be released Tuesday to the Shell-OMV-Todd Energy joint venture for the drilling of Takapou-1 in licence PEP 38482.

The PEP 38460 partners will then take the rig back in mid-July to drill Pateke-1 and Kiwi-1 close to the Tui and Amokura discoveries in the oil-bearing triangle in the northern part of the permit.