MELBANA ENERGY SPUDS PUKATEA-1 ONSHORE NEW ZEALAND

January 25, 2018

 

Melbana Energy based in Melbourne, Australia, advised that Pukatea-1 exploration well in New Zealand onshore permit PEP 51153 (Melbana 30%, TAG Oil 70% and Operator) has spudded on 24 January 2018. The well is being drilled by the Nova-1 rig to a prognosed total depth of approximately 3,170 metres and is expected to take 33 days to reach the primary Tikorangi Limestone objective. The well is being drilled from the same drilling pad as the Puka-1 and Puka-2 suspended producing wells.
The Pukatea-1 well is a high impact opportunity. The primary objective is the highly productive conventional Tikorangi reservoir with prospective resources attributable to the Pukatea prospect estimated to range from 1.3 to 40 million barrels of oil equivalent (MMboe) (Low-High estimates) with a Best Estimate of 12.4 MMboe and a chance of success of 19%.
Oil was first discovered in Puka-1 in the Mt. Messenger sands in 2012 at a depth of approximately 1,300 metres. Puka-1 and Puka-2 were suspended in January 2015 due to falling oil prices and mechanical issues. The re-commencement of production of the Puka field may be viable if moveable oil is intersected in Pukatea-1 in the Mt. Messenger formation.
The PEP51153 permit covers an area of approximately 85km2(21,000 acres) and is located in the productive onshore Taranaki Basin of New Zealand.
(Source: Melbana Energy)