Tuatara oil probe under way

AWE has spudded the Tuatara-1 exploration well in PEP38524, offshore Taranaki, New Zealand.

Offshore staff

SYDNEY, Australia – AWE has spudded the Tuatara-1 exploration well in PEP38524, offshore Taranaki, New Zealand.

According to partner ROC Oil (Tasman), the well targets up to 80 MMbbl of potential recoverable oil in a typical Taranaki basin-style trap, similar to the producing Maari oil field, 80 km (49.7 mi) to the northwest.

The well location is in 50 m (164 ft) of water, around 15 km (9.3 mi) north of the South Island. It will be drilled to a proposed TD of 2,025 m (6,644 ft), targeting Moki sandstones within the Tuatara prospect.

Last week, ROC exercised an option to acquire a further 5% in PEP38524, lifting its equity interest to 20%. Other partners are Kea and Carnarvon (NZ).


07/29/2010

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