NZOG (New Zealand Oil & Gas Ltd) advises that technical evaluation has indicated that the Tui SW-2 well has not found a commercially significant oil accumulation.
Wireline logging is continuing. However, following evaluation of the previously reported oil shows at the top of the Kapuni F sands, the Operator has advised that an economic oil accumulation is not present at the Tui SW-2 well location.
Tui SW-2 is located in mining licence PMP 38158 in the offshore Taranaki Basin, to the southwest of the producing Tui field.
Upon completion of wireline logging operations, a 7 inch liner will be run so that the well can be suspended for possible future gas injection.
Immediately following completion of operations at Tui SW-2, the drilling rig Kan Tan IV will move a few kilometres to the northeast to drill the Kahu-1 well. The prospectivity of Kahu-1 is not affected by the results of Tui SW-2.
Participants in Tui SW-2 and PMP 38158 are:
New Zealand Oil & Gas Ltd (through its subsidiary Stewart Petroleum) 12.5%
AWE Limited (Operator) 42.5%
Mitsui E&P Australia Pty Limited 35.0%
Pan Pacific Petroleum NL (through its subsidiary WM Petroleum Ltd) 10.0%
14 June 2010 Tui Drilling Report [150kB]
