TAP 0.00% 13.0¢ tap oil limited

Kahili

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    for anyone interested, this well could deliver for TAP, and INDOF (IndoPacific)...
    TAP had a nice little run today on this news:

    Indo-Pacific Energy Announces Kahili-1B Flow Testing Schedule

    November 17, 2002 22:31:00 (ET)


    WELLINGTON, New Zealand, Nov 17, 2002 /PRNewswire-FirstCall via COMTEX/ -- Indo-Pacific Energy Ltd. (OTC Bulletin Board: INDOF) announces that the Kahili-1B well has now been cased in preparation for flow testing the well. It is expected that perforation of the first test interval will occur on Wednesday this week. The testing will determine what types of movable hydrocarbons are present, the rates at which they can be produced long term, and provide essential input to reserves calculation.

    The Tariki Sandstones were intersected at 9268 ft along hole. Between that depth and 9908 ft, more than 70% of the geological section consists of sandstones, all of which exhibited elevated levels of hydrocarbon gases during drilling.

    Electric log data is consistent with the presence of movable (ie: producible) hydrocarbons consisting of either light, gassy oil or condensate rich gas throughout this entire interval. The 115 ft interval of sands above 9383 ft more clearly exhibits movable hydrocarbon presence than the sands beneath. Log data also indicates that the crest of the trap lies to north of Kahili-1B.

    The testing program will commence with the deepest test zone, a package of sandstones between 9780 and 9845 ft. The base of these sandstones is still 180 ft above the top of the zone which flowed oil in the Kahili-1 well, earlier this year. Based on the results of this test, two similar sandstone packages above may be tested before flowing the uppermost sandstones.

    The Kahili site is located 5 miles from the nearest pipeline tie-in to the McKee oil/gas production station and 3 miles from the Tariki pipeline tie-in to Swift Energy's Waihapa production station. The Tariki-1A discovery well intersected Tariki Sandstones in a similar trap to Kahili, and a 52 ft interval of sandstones initially tested 29 million cubic foot of gas with 1,400 barrels of condensate per day, and established a commercial field now in production (see http://www.med.govt.nz/crown_minerals/petroleum/facts/index.html ).

    The Kahili project is located in the onshore Taranaki Basin of New Zealand. Indo-Pacific is the operator, and holds a 45% equity in the well and the permit; with Australian companies Tap Oil Limited and Claire Energy Pty Ltd holding 30% and 25% respectively.

 
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