New Zealand Energy Announces Production Test for Taranaki Basin Well
New Zealand Energy Corp. has initiated an extended production test of its Copper Moki-2 (CM-2) well and commenced drilling Copper Moki-3 (CM-3), its third well in the Taranaki Basin of New Zealand’s North Island.
The company has also entered into a farm-in agreement with L&M Energy Limited and will subsequently earn an additional 15% in the Alton Permit, increasing NZEC’s interest to 65%.
The CM-2 well commenced flowing on February 15 and is currently flowing at a rate of 1,000 barrels of oil per day and 820 thousand cubic feet of natural gas per day.
NZEC has commenced drilling CM-3, with the expectation of releasing well results by the end of March 2012. CM-3 will be NZEC’s first well to target the deeper Moki formation, and the company will collect information from both the Urenui and Mt. Messenger formations as CM-3 drilling proceeds. Immediately following the conclusion of CM-3 drilling, NZEC anticipates commencing drilling of the Copper-Moki-4 well from the same drilling pad.
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Posted on February 24, 2012, in AUSTRALIA - OCEANIA, Energy, Natural Gas, New Zealand, Oil, Oil & Gas - inland and tagged Anadarko, Drilling, gas source, Liquefied natural gas, Natural Gas, New Zealand, New Zealand Energy, News By Country, North Island, production test, Spuds, taranaki basin, Urenui. Bookmark the permalink. Comments Off on New Zealand Energy Announces Production Test for Taranaki Basin Well.