Discoveries
New Zealand Energy Pegs Fifth Taranaki Oil Discovery
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New Zealand Energy Corp. has made its fifth oil discovery in the Taranaki Basin of New Zealand''s North Island.
The Waitapu-2 well was drilled to a total measured depth of 2,085 metres, encountering approximately 6.2 metres of net pay in the Mt. Messenger Formation, a thick sequence of turbidite sandstones in New Zealand''s Taranaki Basin.
The Waitapu-2 well is currently flowing at a rate of 325 barrels of oil per day and 800 thousand cubic feet of natural gas per day through a 24/64th inch choke. The well is producing sweet, high-quality 40° API oil that is being trucked to the Shell-operated Omata Tank Farm, approximately 45 km north of the site, and sold at Brent pricing.
To date the Waitapu-2 well has produced 1,880 barrels of oil. The well will be flowed for approximately two weeks…
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