Project Profile
Value: Undisclosed
Location: Taranaki Basin, New Zealand
Reserves: unknown
Area: 943.7 acre (3.819 square kilometre)
Length: 0.8-mile (1.3-kilometre)
Production 189 BOEPD,71% oil cut up to the 3rd quarter 2016
New Zealand Energy Corp. (NZEC) has been granted a 943.7 acre (3.819 square kilometre) Petroleum Mining Permit (Copper Moki Mining Permit) in the Taranaki Basin, New Zealand. The Copper Moki Mining Permit (PMP 55491) has been carved out of NZEC’s 100 percent-owned Eltham Exploration Permit (PEP 51150) to encompass NZEC’s Copper Moki and Waitapu oil discoveries. The Copper Moki Mining Permit gives NZEC the right to produce oil and natural gas from the Moki, Mt. Messenger and Urenui formations for a period of eight years, with the option to extend the permit. NZEC currently has four producing oil wells on the Copper Moki Mining Permit: Copper Moki-1, Copper Moki-2, Copper Moki-3 (currently shut-in pending installation of a new pump) and Waitapu-2. Collectively, the wells have produced more than 275,672 barrels of oil since Copper Moki-1 commenced production in December 2011. As a condition of the permit, NZEC has agreed to build an approximately 0.8-mile (1.3-kilometre) gas pipeline within 18 months, connecting the Waitapu site to existing pipeline infrastructure. The remaining acreage of the Eltham Exploration Permit totals 46,444.2 acres (187.953 square kilometres), of which approximately 40,389 acres is onshore.
Operators:
New Zealand Energy Corp. (NZEC): Operator with 100% interest