Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Goldie-1 Production Testing and Waitaria-2 Status

March 9, 2001

Goldie-1 Production Testing and Waitaria-2 Status Reports

Wellington, New Zealand – March 9, 2001-- Indo-Pacific Energy Ltd. (INDX) advises that production testing of the Goldie-1 oil discovery (INDX 100% on sole risk) is now in progress. The well has been completed in such way that the main zone at 5,300 foot depth and a secondary zone at 6,600 foot depth can be separately tested. An initial swab test on the 6,600 zone did not properly clean up the borehole and recovered only minor amounts of oil. It was therefore decided to move to the main 5,300 pay zone, and temporarily suspend further testing of the lower zone. The 5,300 foot zone commenced free flowing oil to surface, without any lift assistance, on the evening of March 8. The well was diverted to the separator on the morning of March 9 (New Zealand time), and is now free flowing oil with some gas and no water at a stable and good rate through a 20/64” choke. A series of flow tests on differing choke sizes will be conducted over the next few days, and no official flow rates will be announced until completion of this program. An oil sales contract has been negotiated, and all oil from start of testing is being stored on site, for transport and sale at the oil export port of New Plymouth.

In New Zealand’s East Coast Basin, the Waitaria-2 well ( INDX 25%) is now being plugged and abandoned as a dry hole. An open hole flow test of the interval from 4600 feet to 8300 feet failed to produce any gas. Indo-Pacific had previously decided that the log data from the well did not indicate that the well was likely to flow, and had given notice that it would not participate in this test; and is, therefore, not liable for any of the cost of this test operation.

David Bennett : Chief Executive Officer

This release includes certain statements that may be deemed to be ``forward-looking statements''. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although Indo-Pacific believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include oil and gas prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements.

© Scoop Media

Business Headlines | Sci-Tech Headlines


A Fuel And His Money: Petrol Prices Hit Records

The cost of 91 octane in Wellington and the South Island hit $2.30 a litre last week, beating the previous high set in 2013. Crude oil prices have been rising globally while the New Zealand dollar has fallen, making the cost of fuel more expensive. More>>


NZentry: EU And NZ To Start Free Trade Talks

A free trade deal between New Zealand and the European Union (EU) has taken a major step forward with the announcement overnight that the EU’s Foreign Affairs Council has approved its negotiating mandate. More>>


You'd Hope: Employers Told To Pay Minimum Wage

Advertisers offering jobs to backpackers are being told they must pay the minimum wage or risk prosecution. Last week, RNZ revealed a job website - Backpackerboard - was advertising roles below the $16.50 per hour minimum wage. More>>


Still Gaining: More Migrants Head Back Overseas

Annual net migration is down 4,800 from a high point a year ago, largely because more non-New Zealand citizens are leaving the country, Stats NZ said today. More>>

Christchurch: Red Zone Used To Boost Endangered Bee Population

“May 20 has been declared World Bee Day by the United Nations, and I am pleased to announce today that we have been able to use the red zone to protect and grow our native bee stocks,” says Minister Megan Woods. More>>

Trips, Support, Conferences For Agents: Insurers Spend $34 Million On Soft Commissions

“We are concerned that insurers are designing and offering incentives that potentially set advisers up to fail in complying with their obligations.” More>>


Privacy Commissioner: Facial Recognition Tech Not Reliable

The Privacy Commissioner says businesses should take great care when using facial recognition technology because there is a high risk of misidentification. More>>

Compliance Costs: Cheesemakers "Have A Reason To Smile"

Delighted to be a guest at The Great Eketahuna Cheese Festival today, Mr O’Connor launched the Food Safety Template for Cheesemakers – a tool to help cheesemakers producing cheese for New Zealand and Australia to meet food safety requirements. More>>