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
Have you changed power companies in the last year?Related story: Savvy swappers drive power prices down
Get your mid week news fix
Get your South Taranaki news online
View marriage and birth notices from around the region
View obituaries from around the region