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Friday 16th April 2010 |
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New Zealand Oil & Gas shares have fallen this afternoon on notification that the Hoki-1 well has entered the target zone with no sign of hydrocarbons.
The wild-cat well in the offshore Taranaki Basin reached a depth of 3428 metres this morning, with a target depth of 3570 metres. NZOG shares were off 2.5% to $1.57 at the close of trading today.
"The Hoki-1 well intersected the target North Cape Formation sands overnight, but these were not associated with any indications of hydrocarbons," the company said in a statement the to NZX.
"That was a bit of duster" for NZOG today, said Paul Harrison, who helps manage $300 million of New Zealand shares at BT Funds Management.
The Kan Tan-IV oil rig will move from Hoki to drill at least two wells in the vicinity of the successful Tui oil fields. Hopes of further commercial finds are high.
Participants in Hoki-1 are AWE (operator), NZOG (10%), OMV New Xealand (21.15%, and Todd Petroleum Mining (18.75%).
Businesswire.co.nz
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