Project Profile
Location: Taranaki Basin, New Zealand
Area: 516 km2
Start-up Year: -
PEP 381204 is an onshore/offshore area of 516 km2, situated on the eastern margin of the North Taranaki Basin. Over recent years the area in which PEP 381204 sits has been the focus of a number of exploration wells, with both previous wells within PEP 381204 and all immediately adjacent wells recording good oil and gas \'shows\', indicative of this being a focus area for hydrocarbon migration. Kea acquired a 100% interest in the permit from Genesis Power Limited. Under the terms of the deal, Kea will pay Genesis’ past costs incurred on the permit out of future revenue generated from the permit, and Genesis will hold a first right of refusal to purchase a portion of gas discovered in the permit. Over the last three years, Genesis Energy has significantly advanced the available technical data base for the area, with a range of studies and the acquisition of extensive onshore to offshore transition 2D seismic. However, further technical evaluation is required to better define and rank the identified prospects and leads, before a decision is taken as to the preferred initial drilling target. Within the permit area the deep Mangatoa Prospect has long been identified as a potentially substantial gas target, but it requires further depth mapping to better define its form. However, the shallower Felix and Waikawau Prospects are considerably cheaper and more accessible to drill, and offer substantial opportunity for both oil and gas discovery.
Operators:
Kea Petroleum plc: Operator with 100% interest
Methanex New Zealand Ltd: Intend to fund 50% of the Mauku-1 well
Contractors:
DSM Mayhew: Drilling rig