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Tuatara-1 well looks dry

Thursday 12th August 2010

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The wildcat Tuatara-1 oil exploration well off D'Urville Island has almost reached its total depth without further shows of hydrocarbons, well operator AWE reported to the NZX this morning.  

Early this morning, the well was drilling ahead at a measured depth of 1,796 metres on the way to a total depth of 2,025 metres.

AWE reported intermittent gas shows between 780 and 900 metres earlier this week and the target depth for the well is assumed to be slightly above total depth. The absence of further disclosures of hydrocarbon suggests the well is unlikely to have struck a commercial find.

Tuatara-1 is located in PEP 38524, in the western Tasman Bay in the southern part of the offshore Taranaki Basin.

AWE is the operator and 60% owner of the licence, partnering with Roc Oil (Tasman) at 20%, Kea Oil and Gas at 10% and Carnarvon Petroleum (NZ) at 10%.

Businesswire.co.nz



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