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The consortium drilling the Tieke-1 well off Taranaki coast said yesterday the well had found only minor oil shows after reaching a depth of 3579m.
The joint venture - in which New Zealand Oil & Gas has a 12.5 per cent stake - is now assessing the results to determine whether there is merit in digging deeper.
NZOG's shares fell 7.5c to 97c - below the price of an upcoming cash-call slated to be made at $1 a share.
