Project Profile
Location: onshore Taranaki Basin, New Zealand
Depth (drilling): 2,384 m
Licence award: 2012
Start-up Year: 2009
East West Petroleum together with the joint venture partner, TAG Oil, who is the operator, hold license PEP 54879 - Cheal South Permit. In January/February 2014, three wells were drilled consecutively from the Cheal-G Site on the Cheal South Permit. East West funded the first US$2.25 million in costs of a three well drilling program with both companies paying their 50% share after the initial investment of US$2.25 million. Cheal-G1 was drilled to a total depth of 2,384 m and encountered six metres of hydrocarbon filled reservoir rocks within the Mt Messenger Formation as expected. The well was cased and is currently waiting on completion testing. Both Cheal-G2 and G3 encountered hydrocarbon filled reservoir sections within the Mt Messenger Formation, but both were interpreted to have sub-economic thicknesses and have been plugged and abandoned. The joint venture partners will review all results associated with the drilling program prior to conducting future operations on the permit. All Cheal-G site wells were drilled on time and on budget.
Operators:
TAG Oil Ltd.: Operator with 50% interest
East West Petroleum Corp: 50% interest