Todd Energy Spuds New Zealand Oil, Gas Well

Cue Energy Resources on Thursday announced spudding of Te Kiri North-1 well in permit PEP 51149 in Taranaki Basin, New Zealand.  

PEP 51149 is operated by Todd Energy with 80 percent interest while Cue Energy has 20 percent stake. 

Te Kiri North-1 well will test the Arawhata structure consisting of Mt Messenger and Moki sands of Miocene age, and the Te Kiri North structure consisting of Mangahewa and Kaimiro sands of Eocene age.  In a success case, the operator’s best estimate indicates a recoverable mean prospective resource size of 10 mmbbls of oil in the Arawhata prospect and about 75 bcf of gas in the Mangahewa Formation with an incremental 35 bcf in the Kaimiro Formation, both in the Te Kiri North structure. 

The well is planned to drill to 5400m MD and it is expected to take approximately 50 days to reach TD, followed by a further 12 days for evaluation should hydrocarbon indications be present.