Oil company Anadarko won't confirm claims its exploration off the Otago coast has been unsuccessful.
Greenpeace said leaked information showed the company had found only hard rock granite, schist and clay.
Anadarko's New Zealand manager Alan Seay wouldn't confirm or deny the reports but told Radio New Zealand (RNZ) the company was still analysing information from the drilling.
"We're in the very early stages of what they call logging, which is what they call gathering the information from the well, and it's way too early to draw any conclusions at this stage," he said.
"I'm being told that we're conducting the logging, we're gathering the information, and it's going to take quite a few months to do the analysis and to work out what the next steps might be."