East West Petroleum successfully drills oil production well in New Zealand

East West Petroleum successfully drills oil production well in New Zealand

East West Petroleum Corp. recently announced it successfully drilled the Cheal-E6 well located in the Taranaki Basin of New Zealand. The company's current oil and gas production in New Zealand comes entirely from the Taranaki Basin, which is on the west coast of the North Island. It has partnered with TAG Oil Ltd. since 2012 to drill in the basin.

The Cheal-E6 well was spudded by the Nova-1 rig, drilled to a total depth of 6,360 feet and intersected approximately 29.5 feet of net oil and gas sands near the Mt. Messenger Formation. East West Petroleum will complete the site as a potential oil well and begin testing.

East West Petroleum owns a 30 percent working interest in the Cheal-E6 well and its share of the drilling costs reached about $41 million.

"We are very pleased with the results of the Cheal-E6 well which is the sixth well to date to encounter hydrocarbons on the Cheal North Block," said East West Petroleum CEO David Siddo. "East West is looking forward to continued exploration on the Cheal North Block where a further 15 to 20 potential targets have been identified for future drilling."

According to a previous company release, production from the Cheal-E site remains steady at about 250 barrels of oil equivalent per day from the Cheal-E1, -E4 and -E5 wells.

More information oil and gas in New Zealand can be found at PennEnergy's research area.

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