Onshore NZ Permit
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 suspended Puka oil field. 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. Recently the Pukatea-1 oil zone discovery was successfully tested with an initial flow rate of up to 600bbls day at 28/64”choke, exceeding expectations. The Joint Venture has submitted an official notice of discovery to NZ regulator.