New Zealand Energy (NZEC) has completed the Copper Moki-1 well and commenced the steps to receive a mining permit for attaining long-term production.
The Copper Moki-1 well of NZEC has examined the production at the Mt. Messenger structure for more than a 48-hour duration and flowed 41.8 API oil at the rate of 1,100 barrels per day consistently with natural gas of 855 mcf per day. Pressure recorders were functioning for an expanded build-up and the well will be positioned at an expanded production analysis to find out the flow conditions and the size of the reservoir. The location of the Copper Moki-1 well is near to the gas and oil infrastructure, which contains pipelines of oil and gas and production stations. NZEC has signed a contract, where its test oil volumes will be sold to the Brent reference price at a premium.
The President of NREZ has stated that the team is functioning to progress the Copper Moki-1 into production and continues the aggressive exploration to examine the further targets. The company will persist to explore at the Copper Moki region and start the testing of the wide shale structures at the East Coast permits and expects the results as the project is advancing.
The company completed the Copper Moki-1 in the three sands over 12.2 m interval in the Mt. Messenger structure, which is a wide turbidite sandstones sequence at around 1,800 m depth in the Taranaki Basin in New Zealand. In addition, NZEC perforated and examined a part of the near surface Urenui structure in the Copper Moki-1 well. As, the primary results from the Urenui structure reveals the oil and gas production potential, the company has delayed the Urenui zone in order to focus on oil production from the Mt. Messenger structure in the future.
Source: http://www.newzealandenergy.com/