Friday 17th June 2011
|Text too small?|
L&M Energy is to start its Taranaki drilling programme with the spudding of an onshore well next Friday.
The Talon-1 well will be in a 482.4sq km permit area to the east of Eltham and Hawera, stretching inland from a length of coast near Patea.
L&M has a 50% interest in the permit, with the other half being bought by Canadian-based New Zealand Energy Corp (NZEC) from AGL Upstream Gas.
L&M has entered into a free carry agreement with NZEC for the well, meaning NZEC will pay the full cost of drilling Talon-1, subject to final documentation and regulatory consents.
The 1450m Talon-1 well was targeting mean reserves of two million barrels of oil in shallow Manutahi sands in a structure geologically identical to the adjacent Origin Energy-operated Manutahi Oil field which had estimated recoverable reserves of four million barrels, L&M said.
Talon-1 was the first well to be drilled in the 482.4km2 permit area, which contained further drilling targets.
No comments yet
New Zealand Rural Land Company Limited (NZX: NZL) Agreement to acquire large scale dairy asset portfolio
EROAD Limited (NZX: ERD) launches Clarity Solo Dashcam
22nd October 2021 Morning Report
Pictor ready to roll out game-changing COVID antibody test in New Zealand
Scott Technology Limited (NZX: SCT) Announces FY21 Results
21st October 2021 Morning Report
Greenfern Industries Limited (NZX: GFI) L&Q Notice
TruScreen Group Limited (NZX: TRU) Clinical Trial Results Highlight Efficacy of TRU Technology
20th October 2021 Morning Report
Freightways Limited (NZX: FRE) Acquisition of ProducePronto