NZOG drilling deeper to assess Corvus-1 gas find

WELLINGTON - New Zealand Oil & Gas will drill its Corvus-1 well deeper to determine the full extent of a hydrocarbon column find.

The company said yesterday that it would start drilling once logging operations had been completed over the next couple of days.

Last week NZOG said the Corvus-1 exploration well in the Carnarvon Basin in Western Australia had been drilled to 3835m. Wireline logging had indicated the presence of a gas column from 3436m to present depth.

NZOG exploration manager Eric Matthews said last week that the economic significance of the find was not clear. An optimistic view was that the company might find an oil column at the bottom of the gas.

NZOG has a 10 per cent interest in the well. Its sister company Pan Pacific has 57.8 per cent.

NZOG shares were up 1c at 29c.

- NZPA