NZOG announces big drilling programme

New Zealand Oil and Gas Limited has signed up to use the Ocean Patriot semi-submersible rig to drill three of its offshore Taranaki oil prospects, in conjunction with drilling the production wells for the Tui Oil fields development.

The first exploration target will be Hector, to be drilled in the final quarter of 2006. The rig will then drill the four Tui Oil development wells, commencing late 2006 through to March 2007, the company said in a statement.

Upon completion of the Tui wells, the Ocean Patriot rig will move several kilometres to drill the Tieke and Taranui oil prospects located within the Tui PMP 38158. The drilling programme is expected to be completed by June 2007.

NZOG chief executive, Tony Radford, said the drilling programme represented a significant investment by NZOG in the future growth of the company at a time of high oil prices.

He said the company was committed to finding additional reserves of petroleum within New Zealand, and that the new drilling was the largest continuous drilling programme undertaken by the company.

NZOG holds an 18.9 per cent interest in the Hector prospect, and a 12.5 per cent interest in the Tui Area oil fields and the Tieke and Taranui prospects.

- NZPA