Pan Pacific Petroleum has told shareholders it hopes to see two exploration wells drilled in the fourth quarter of next year in the Tui oil and gas field, where it has a 10% interest.
The first is an in-fill well in the Pateke North sector of the licence area, which the joint venture led by Australian explorer AWE has given approval to undertake, and has the potential to add between one and four million barrels of oil equivalent from Tui.
Among unexplored areas of the licence area, "PPP considers the Oi prospect at 10 million to 15 million barrels of particular interest and is pursuing options to also drill this opportunity in Q4 2013 if possible," chief executive Tom Prudence told the company's annual shareholder meeting.
Both wells are subject to rig availability, the absence of which saw PPP undertake no new drilling activity in the last financial year, leading chairman Neil Tomkinson to comment on "a possible perception that we have been marking time".
Mr Prudence says the company has between three and six wells earmarked over the next 18 months.
"Portfolio renewal remains a priority and last year the company reviewed over 80 opportunities seeking quality drilling or development projects in our focus regions, though very few were sufficiently attractive to meet the company's acquisition criteria."
Expanded interests in Vietnam through the completion of the Block 121 farmin were "very exciting".
This article is tagged with the following keywords. Find out more about MyNBR Tags
- Parent, widow of Pike River casualties fail to force review of decision to drop charges against Whittall
- iPredict decision the work of 'officious aliens' – Crampton
- Joyce associates openly talking about leadership change
- Scentre Group to sell three Westfield malls to NZ firms for $549m
- High Court hears allegations over redacted report in Trends R&D funding case
Most listened to
- Tim Hunter on why Veritas is doing it the hard way
- Matthew Hooton on whether Steven Joyce will be the next national leader
- Rodney Hide on why all city planners should be fired
- Nevil Gibson discusses his latest Editor's Insight on films
- The NBR crew throw around some of the week's top stories
- Rob Hosking breaks down the political and economic week that was
- "A tragedy" - David Farrar on his disappointment with Simon Bridges
- New F&P product pipeline exciting, says Macquarie senior investment adviser Brad Gordon
- Taupo Motorsport Park executive director Tony Walker on the park's rebranding
- NZIER senior economist Christina Leung on why she does not think the OCR will hit 2%
- NBR's Cameron Officer talks about the NBR Car of the Year 2015
- John Barnett on Brewer: ‘Boy, has he got a bit to learn’