Tag, Melbana delay Pukatea-1 drilling

July 31, 2017

Melbana Energy said drilling of the Pukatea-1 well onshore New Zealand is delayed until January 2018 to undertake civil works on the primary access road and drilling pad and potential drill rig modifications.

Located in permit PEP51153, the Pukatea prospect is a high impact exploration opportunity, targeting highly productive conventional reservoir.

It is proximal to existing infrastructure and has a number of low-cost alternative development paths. Operator Tag Oil holds 70% interest in PEP51153 while Melbana has the remaining 30%.

The permit covers an area of approximately 85sq km square km and is located to the east of Tag’s producing Cheal field. Three wells have been drilled since the Puka oil field was discovered in 2012, with the Puka-1 and Puka-2 wells producing 100 b/d from the Mt. Messenger formation.

Prospective resources attributable to the Pukatea prospect estimated to range from 1.3-40 MMboe with a best estimate of 12.4 MMboe. Melbana estimates that a successful Pukatea-1 exploration well result consistent with the best estimate would result in a three well development plan with a gross production plateau ranging between 6000-10,600 bo/d for four years and a very low development cost.

Production of oil and associated gas is expected to be processed locally using existing underutilized or new infrastructure and sold into oil exported and natural gas markets. Tag operates the nearby Cheal production complex, approximately 4.5km from the Pukatea prospect location.

The permit also a deeper Tikorangi Limestone target situated directly below the Puka oil pool. The production capability from the Tikorangi Limestone has been well proven at the adjacent Waihapa oil field, which has produced in excess of 23 MMbbl of oil to date.

The Douglas-1 well drilled in 2012 at the edge of the Pukatea prospect encountered a 145m of reservoir interval and oil shows in a down-dip location, with more than 350m of up-dip potential estimated.

Image: Map of Pukatea prospect / Melbana



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