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

 


Pan Pacific Petroleum sees two Tui wells in 2013

Pan Pacific Petroleum sees two Tui wells in 2013

Nov. 20 (BusinessDesk) - Pan Pacific Petroleum has told shareholders it hopes to see two exploration wells drilled in the fourth quarter of next year in the Tui oil and gas field, where it has a 10 percent interest.

The first is an in-fill well in the Pateke North sector of the licence area, which the joint venture led by Australian explorer AWE has given approval to undertake, and has the potential to add between one and four million barrels of oil equivalent from Tui.

Among unexplored areas of the licence area, "PPP considers the Oi prospect at 10 million to 15 million barrels of particular interest and is pursuing options to also drill this opportunity in Q4 2013 if possible," chief executive Tom Prudence told the company's annual shareholder meeting.

Both wells are subject to rig availability, the absence of which saw PPP undertake no new drilling activity in the last financial year, leading chairman Neil Tomkinson to comment on "a possible perception that we have been marking time".

Prudence said the company had between three and six wells earmarked over the next 18 months.

"Portfolio renewal remains a priority and last year the company reviewed over 80 opportunities seeking quality drilling or development projects in our focus regions, though very few were sufficiently attractive to meet the company’s acquisition criteria," he said.

Expanded interests in Vietnam through the completion of the Block 121 farmin were "very exciting."

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Scoop Business: Productivity Commission To Look At Housing Land Supply

The Productivity Commission is to expand on its housing affordability report with an investigation into improving land supply and development capacity, particularly in areas with strong population growth. More>>

ALSO:

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

ALSO:

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news