Onshore NZ permit with discovered resource and high impact Pukatea prospect
The PEP51153 permit (Melbana Energy - 30%) covers an area of approximately 85km2 (21,000 acres) and is located in the productive onshore Taranaki Basin of New Zealand, to the east of TAG’s producing Cheal field. PEP51153 contains the Pukatea prospect and the suspended Puka oil field. The Pukatea prospect is a high impact Tikorangi Limestone target situated directly below the Puka oil pool. The Puka oil field was discovered in 2012, with the Puka-1 and Puka-2 wells producing 100 B/D from the Mt. Messenger formation before being shut in due to low oil prices and mechanical issues.
The production capability from the Tikorangi Limestone has been well proven at the adjacent Waihapa oil field, which has produced in excess of 23 MMBbls of oil to date at initial well rates of ~5,000 barrels of oil per day. The Douglas-1 well drilled in 2012 at the edge of the Pukatea prospect encountered a 145m of reservoir interval and oil shows in a location 350m down dip of hte crest of Pukatea.
The PEP51153 Joint Venture recently committed to drilling the Pukatea prospect, targetting drilling in Q3/4 of 2017. Drill site preparation works have commenced with pad upgrades and access road upgrades underway. The Joint Venture has secured the Nova-1 drilling rig via a Letter of Intent.