Pan Pacific Petroleum (PPP), which sank five unsuccessful exploration wells last year, said it is continuing to study drilling opportunities in the Tui oilfield area.The company undertook an exploration programme to the south and east of the producing Tui
Pan Pacific Petroleum (PPP), which sank five unsuccessful exploration wells last year, said it is continuing to study drilling opportunities in the Tui oilfield area.
The company undertook an exploration programme to the south and east of the producing Tui field in Taranaki but did not find commercial levels of hydro-carbons.
"However, the Tui area still contains attractive prospectivity, and we are working hard to mature additional possible drilling candidates," the company said at its annual meeting today.
Production from Tui is reducing annually, as expected, but the project has far exceeded expectations.
PPP plans to participate in at least two, and possibly as many as four wells, during the next 12 to 18 months in its existing venture areas, depending on the results of studies and aspirations of joint venture partners.
The company was excited about the CRD-1X appraisal well to be drilled next year in Vietnam. The company considers Vietnam to have high potential and was currently reviewing a wide range of opportunities in the country.
The company said the task of finding attractive new ventures had become more challenging during the last year as a recovery in business confidence amongst its peers had increased competition for good projects.
