Taranaki Seismic Acquisition Program

Taranaki seismic acquisition program

L&M Energy has completed shot hole drilling at its onshore Taranaki petroleum exploration permit (PEP) 51151 and has begun acquiring seismic data, the company said today. LME is the operator of the onshore Taranaki permit in which it is acquiring 54km of 2D seismic data over the next 10 days, assuming current weather conditions continue.

The 482.4km2 permit contains a number of previously identified oil and gas leads and is contiguous to Origin Energy’s mining permits that contain the Rimu/Kauri and Manutahi fields. These fields have produced over 1.2 million barrels of oil and 15 billion cubic feet of gas since 1999, with gas from the fields piped into the national high-pressure transmission reticulation system.

Once seismic acquisition is complete, and the data processed, work will continue to delineate drillable targets within the permit, said LME managing director John Bay.

“We are optimistic that drillable prospects will be defined. Exploration in this permit fits well with our dual focus strategy of pursuing conventional exploration targets in proven basins close to producing fields in addition to our coal seam gas (CSG) exploration programme and growth strategy.”

“PEP 51151 provides potential for both shallow oil plays with a short term development time frame, and deeper gas-condensate plays with a longer term exploration/development time line. It provides a good base for building possible longer term projects with upside potential,” Mr. Bay said.

The participants in the permit are L&M Energy Limited (Operator) and Australian based explorer, Mosaic Oil NL. Both parties hold a 50% interest in the permit.

ENDS

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