The Taranaki-focused oil explorer New Zealand Energy has announced its fifth oil discovery.
The company, listed on the Toronto Stock Exchange, said the onshore Waitapu-2 well had hit oil in the Mt Messenger Formation in the Taranaki Basin, and it was flowing at 325 barrels of oil and 800,000 cubic feet of natural gas a day. While the oil was currently being trucked to the Shell-operated Omata Tank Farm, 45 kilometres to the north, the company planned to shut in the well soon to test pressure buildup.
That would help it determine whether to lay a new pipeline to connect to the Waihapa Production Station.
The company said it planned to drill another four wells with a view to raising its production to 3000 barrels of oil-equivalent by the end of the first quarter of 2013.
- Taranaki Daily News
How much did you spend on Christmas presents?
View marriage and birth notices from around the region
View obituaries from around the region