Pukeko prospect not a big find

The well has been drilled to more than 4 kilometres.
One part of the well, where gas peaks and oil shows were observed while drilling, indicates interbedded shales and sands with poor reservoir quality.

"It is possible that the shows encountered while drilling may be remnants of an ancient oil field that has subsequently been spilled by later tectonic movements in the area," NZ Oil and Gas says in a statement to the NZX.

"While there does not appear to be an economically producible oil column at this location, the joint venture is strongly encouraged by the extensive oil shows in the well, as these have confirmed the oil play in the area west of the Maui Field."

It is expected that the Ocean Bounty drilling rig will be released tomorrow in order to drill a third party well. The joint venture will take the rig back in mid July to drill Pateke-1 and Kiwi-1 in the area close to the Tui and Amokura oil discoveries.

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