PCL 0.00% 0.2¢ pancontinental oil & gas nl

SMH article (from Ozestock)

  1. 2,070 Posts.
    Posted on Ozestock yesterday:

    Copy of Syd. Morn. Herald article.

    Stones won't throw Huinga-1 partners
    June 17 2002

    Fracture zones are yielding positive results in New Zealand's Taranaki Basin, writes Jane Counsel.

    In the oil and gas game, fracture zones usually turn out to be nothing more than hard rocks that provide frustrating obstacles to exploration drilling.

    But that hasn't been the case for the partners in the Huinga-1 well in New Zealand's onshore Taranaki Basin which updated the market on the well's progress last week.

    The Huinga-1 partners are actually finding that those annoying rocks are yielding some promising oil and gas shows.

    Yes, drilling has been painstakingly slow but as Huinga-1's Australian partners Pancontinental Oil, Bligh Oil and AWE have since revealed, their patience is finally paying off.

    The trio are growing increasingly confident that there are other major reserves of oil and gas in addition to their targeted Huinga prospect, which is estimated to contain 46 million barrels of oil and 161 billion cubic feet of gas. The partners said testing procedures to evaluate the potential additional reserves would now be addressed in the well program for Huinga-1.

    But with the share prices of all three partners failing to move on the news, it appears the market's yet to catch on to the project.
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