annoucement on tui by nz oil & gas

  1. 679 Posts.
    NOG New Zealand Oil and Gas Limited


    NOG
    10/02/2003
    MINE

    REL: 1009 HRS New Zealand Oil and Gas Limited

    MINE: NOG: TUI-1 Hydrocarbon Shows

    New Zealand Oil & Gas advises that its Tui-1 well in the offshore Taranaki
    Basin in New Zealand has encountered hydrocarbon shows in the Kapuni Group
    Sandstones.

    Tui-1 has reached its total depth of 3,903 metres and is currently running
    wireline logs.

    The primary objective of the well, the Kapuni D Sands, was encountered
    slightly high to prediction but was associated with only minor oil shows
    and low levels of cuttings gas, which suggests that no producible
    hydrocarbons are present (this is yet to be confirmed by wireline logging).

    However, when the Kapuni F Sands were encountered at 3,655 metres, elevated
    cuttings-gas and hydrocarbon fluorescence were observed over the uppermost
    20metres of the sand. This could indicate producible hydrocarbons, probably
    gas. Evaluation of the wireline data is required to determine the nature
    and significance of this interval.

    NZOG will make a further announcement to the NZSE and ASX tomorrow after
    wireline logs become available and have been evaluated.

    Prior to drilling NZOG substantially reduced its financial exposure to Tui
    drilling costs through farmout and now holds a 20% equity in exploration
    permit PEP38460.

    NZOG has a portfolio of other exploration and development projects
    including the testing and deepening of Tuihu-1, the Ray Prospect where new
    seismic has been recently acquired, as well as the development of Kupe and
    Pike River, which are priority objectives for the company.
    End CA:00086185 For:NOG Type:MINE Time:2003-02-10:10:09:28
 
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