By NZPA
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Monday 3rd February 2003 |
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The semi-submersible Ocean Bounty drilling unit began work 10 days ago on a well with a planned depth of 4000m.
At 6am today, the well was at a depth of 3118m and had not encountered anything promising.
"The Moki Formation secondary objective was encountered as expected but was not associated with any significant indications of hydrocarbons while drilling," the report said.
The well has not hit the main target zone -- the Kapuni Formation 'D" sands, which are expected at approximately 3400m in four or five days time.
While acknowledging Tui is a high risk, wildcat venture, NZOG remains optimistic.
"In the event of a discovery, the indicative potential of this target is estimated at a total of 700 million barrels of oil over three sands, " it said.
It had estimated there could be up to 400 million barrels in the Moki sands formation plus 50 million barrels in the "F" sands.
The area is thought to be the remnant of an oil zone that once extended over the Maui and Tui fields.
NZOG holds 20 percent equity in the Tui prospect and in exploration permit PEP38460.
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