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
Most listened to
- Lawyer Adina Thorn discusses her decision to launch a class action against Carter Holt Harvey over its Shadowclad product
- Westpac senior economist Satish Ranchhod says student inflows continue to be a big driver of growth
- Volpara chief executive Ralph Highnam on his company's $9.6m loss and fast-growing revenue
- NBR's Jenny Ruth on what analysts are saying about Ebos' $A154m HPS purchase
- NBR Radio: best of the week ended May 26, with Grant Walker