Pan Pacific Petroleum and New Zealand Oil and Gas have completed a review of the increase in Tui reserves attributable to the Pateke-4H well, offshore New Zealand. The companies have estimated a total increase in 2P recoverable reserves of 2.4 million barrels gross as at 1st January 2015.
Of the above mentioned reserves 660,000 barrels are net to New Zealand Oil & Gas and 360,000 barrels net to Pan Pacific Petroleum.
This comprises 1.9 million barrels from the Pateke-4H accumulation itself and an additional 0.5 million barrels from the other Tui Area Fields as a result of the extension of economic field life. This estimate excludes any additional oil which will be used as fuel.
The Pateke-4H estimate will be reviewed and updated when the well is on production and actual performance can be compared with the forecast from the current model. The well is scheduled to be tied into the FPSO in Q1 2015, with production in Q2.
The effect of Pateke-4H on the extension of the economic field life of the Tui Area Fields is dependent on oil price, and includes an assumption of a return to higher oil prices during the field life.
The Joint Venture partners in PMP 38158 are:
Pan Pacific Petroleum NL (via subsidiaries) 15.0%
AWE Limited (via subsidiaries) (Operator) 57.5%
New Zealand Oil & Gas (via subsidiaries) 27.5%