Oil shows have been encountered at the Tui SW-2 offshore exploration well being drilled adjacent to the producing Tui field.The oil shows were encountered over 10 metres at the top of the objective F sands. The significance of the shows will be evaluated
Oil shows have been encountered at the Tui SW-2 offshore exploration well being drilled adjacent to the producing Tui field.
The oil shows were encountered over 10 metres at the top of the objective F sands. The significance of the shows will be evaluated by wireline logging over the next few days, operator AWE Ltd said.
AWE earlier abandoned the Tui SW-1 well after problems were encountered. The Kan Tan IV rig was moved 35m to one side to drill Tui SW-2, the Taranaki Daily News has reported.
AWE said today that at 6am, the Tui SW-2 well has been drilled to total measured depth of 3749m.
The Tui SW prospect is located in mining licence PMP 38158 in the offshore Taranaki Basin.
At the conclusion of drilling, Tui SW-2 will be cased and suspended as a possible future gas injection well. Kahu-1, to the east of the Tui oilfield, will be drilled immediately following Tui SW-2.
Pan Pacific Petroleum NL has a 10 percent stake in the permit. AWE has 42.5 percent, Mitsui E&P Australia Pty, and Stewart Petroleum Co 12.5 percent.
Pan Pacific Petroleum shares rose four cents to 29c by early afternoon.
