ROC gains NZ exploration interests

ROC Oil (Tasman) has farmed into PEP38524, in the southern Taranaki basin offshore New Zealand.

Offshore staff

SYDNEY -- ROC Oil (Tasman) has farmed into PEP38524, in the southern Taranaki basin offshore New Zealand. The company will co-finance the upcoming Tuatara-1 exploration well, operated by AWE New Zealand, to earn a 15% participating equity interest in the permit.

The agreement is subject to approvals from the relevant New Zealand government officials. If approved, Tuatara-1, due to spud in July, will targeting around 80 MMbbl of potential recoverable oil in what ROC describes as a typical Taranaki basin-style trap, similar to the producing Maari oil field 80 km (49.7 mi) to the northwest. Tuatara-1 will be drilled in 50 m (164 ft) of water, around 15 km (9.3 mi) north of New Zealand’s South Island.

New Zealand’s Ministry of Economic Development has granted ROC and its joint venture partners another exploration permit offshore Taranaki, PEP52181.

The acreage includes the Kaheru prospect, on trend with the Rimu oil and gas field, and the Kauri gas/condensate field. Roc says Kaheru exhibits potential for trapping of oil and/or gas/condensate at several reservoir levels within the structure.

ROC will operate the 171.5-sq km (66-sq mi) permit, which has 3D seismic coverage. The program for the five-year term includes an exploration well (Kaheru-1) in year three.

Participating interests are:
Roc Oil (New Zealand) Ltd (Operator).....................50%
Mighty River Power Gas Investments Ltd................20%
L&M Energy Ltd............................................................15%
Mosaic Oil NL...............................................................15%

05/20/2010

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