Taranaki Basin Oil and Gas Operations Update

We’ve kept you up-to-date with photos of our infrastructure upgrades, but we also wanted to keep the word out that drilling and exploration continue, even amidst the important infrastructure upgrades underway to free up behind-pipe oil and gas production.

 

Operationally, this year’s results have exceeded expectations, with 19 Taranaki wells drilled in a row, while simultaneously maintaining testing operations, optimization, infrastructure build, geoscience and even more drilling.

 

Current production is approximately 2,100 barrels of oil equivalent per day (boe), and we expect this to grow to exit fiscal year yeard (March 31) at approximately 4,000 boe. And although drilling plans need to remain flexible during our heavy infrastructure activity, the Nova-1 drill rig has spud the Cheal-B8 well, potentially followed by Sidewinder-5 and Sidewinder-6, to finish calendar 2012 strong. Cheal-B8 will be the third well drilled targeting similar geological characteristics as the high-deliverability Cheal-B5 and Cheal-B7 oil and gas wells.

 

And of course the ever-important infrastructure upgrades: We’re looking forward to having those fully completed in March 2013, at which point all Cheal and Sidewinder wells will be placed into full-time production. Now it’s back to work!

 

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