PPP to join in drilling six wells offshore Australasia

PanPacific Petroleum (PPP) says rig-sharing and assignment agreements have been concluded for two exploration wells in the Tui area offshore New Zealand.

Offshore staff

NORTH SYDNEY, Australia – PanPacific Petroleum (PPP) says rig-sharing and assignment agreements have been concluded for two exploration wells in the Tui area offshore New Zealand.

The semisubmersibleKan Tan IV will drill the Pateke-4H and Oi-1 wells in the Taranaki basin permit PMP 38158, with Oi-1 due to spud mid-September. Commercial discoveries could be developed through the existing Tui facilities.

PPP considers Oi as highly prospective, and has increased its participating interest from 10% to 50%.

In thejoint petroleum development area between Timor-Leste and Northern Australia, PPP has a 15% interest in the JPDA 06-103 concession. Operator Oilex has been negotiating with Stena Drilling to use the Stena Clyde to drill the Bazartete-1 well. Surface BOP technology would be needed due to the relatively deepwater of around 600 m (1,968 ft). The partners must drill the well prior to expiry of the PSC next January.

In block 121 offshore southern Vietnam,PPP completed a farm-in to 15% from Origin in mid-March. The semisubmersible Ocean General is due to spud the CV-1X well in early June. 

PPP also has a 5% share of block 07/03, where the partners have approved additional appraisal drilling to resolve resource uncertainties in the Cá Rồng Đỏ (CRD) oil and gas/condensate discovery. Subject to PetroVietnam approval, the planned CRD-3X well will be drilled by the same rig after CV-1X, probably in late-July.Ocean General will then drill a well on the Silver Sillago prospect in the same block.

4/30/2013

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