Matuku offshore well reaches 4846m
New Zealand Oil & Gas says it has reached a total depth of 4846 metres in its Matuku offshore Taranaki well with geoscientists to analyse the drilling results.
Matuku is to the west of the giant offshore Maui gasfield and southwest of the Tui field.
The next operation at the permit, PEP 51906, was pulling out of the hole prior to running wireline logs, the company said.
Last week New Zealand Oil and Gas said the primary target zone in the Matuku well had not encountered significant oil or gas shows.
Yesterday the company gave an update on Matuku. It said the Kan Tan IV rig began drilling operations on Saturday, November 30.
Matuku-1 was in 130 metres of water.
The primary target in the Matuku well, the Kapuni Group Farewell F Sands, were found to be porous but there were no significant gas or oil shows.
Oil shows were seen in D Sands and North Cape Formation units deeper in the well, it added.
Geoscientists would now analyse these results to form a view about the play types around the Kahurangi Trough, which was thought to be a source kitchen for a success case at Matuku.
The company had also completed a 400 square kilometre "Kaka 3D" seismic survey in the same permit area.
The Kaka 3D survey would provide valuable information about the Paleocene Farewell and Eocene Mangahewa formations, the company said in a statement released through the NZX exchange.
This dataset along with the Matuku well results should assist in understanding the source of the Tui, Maui and Maari fields neighbouring PEP 51906.
Participants in PEP 51906 are operator OMV New Zealand with 65 per cent; Octanex with 22.5 per cent; and New Zealand Oil & Gas 12.5 per cent.
OMV New Zealand is paying 100 per cent of the Matuku-1 well costs under the conditions of their farm in agreement with Octanex.
New Zealand Oil and Gas shares yesterday closed one cent higher at 79 cents.