Mosman Oil & Gas has discovered oil at its Petroleum Creek Project in New Zealand, according to a company statement. The company began drilling the Cross Roads-1 well the first week of June and the drilling data indicates an oil discovery that warrants reporting to the New Zealand Petroleum & Minerals.
The well has been drilled to approximately 797 feet and 7-inch casing has been set. Once the company installs blow out preventers and tests the pressure it can begin coring to test the Cobden limestone. Drilling will continue until a depth of approximately 1,148 feet to 1,312 feet has been reached.
The current data shows the well has two zones approximately 28 feet thick each in the Eight Mile formation. They both have good porosity, between 10 to 20 percent and moveable oil for a potential pay of about 56 feet.
After Cross Roads-1 has been drilled to its total depth, the drilling rig Drill Force will be moved to the Crestal-1 well, which is ready for drilling. The company is preparing the Crestal-2 well for drilling as well.