PEP 55793 “Vulcan” is a frontier permit offshore Taranaki covering 2,418 sq km (933 sq mi). It contains many unexplored leads, said NZOG.
PEP 55794 “Toroa” is in the Great South basin, southeast of the South Island, and covers 9,835 sq km (3,797 sq mi). Two wells drilled previously on the concession delivered non-commercial hydrocarbon shows.
NZOG has a 30% stake in both permits, which will be operated by Australia’s Woodside.
NZOG has also been awarded 100% of PEP 55792 “Galleon” off Canterbury, and immediately south of the Clipper permit, in which the company has a 50% interest. The partners plan a seismic program.
Matuku-1, in 130 m (426 ft) of water, is expected to take 45 days to reach the projected TD of 4,750 m (15,584 ft).
The prospect is south of the producing Tui oil fields and west of the Maui gas field. The well targets the F Sand reservoir sandstones of the Kapuni Group; secondary targets are sandstones of the Kapuni Group D sand and Pakawau Group North Cape formation.
If Matuku-1 is successful, NZOG could acquire a further 5% of Octanex’s share in the license.