Expect the quarterly report about the end of July and the annual report about the end of August. Last year it was released on 29/8/07.
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Its out, and I'm not an expert but I dont think its good.
NZO
17/07/2008
MINE
REL: 0957 HRS New Zealand Oil and Gas Limited
MINE: NZO: Momoho Exploration Well Disclosure Notice
New Zealand Oil & Gas Ltd (NZOG) advises that the Momoho 1 exploration well
has discovered a small gas condensate pool within thin, good quality
sandstones of the Palaeocene Farewell Formation, the third indication of
hydrocarbons along this structural trend.
Previously reported good gas indications recorded from the top of the primary
reservoir, the Farewell Formation (2896 metres measured depth from rotary
table (MDRT)), have now been confirmed by wireline logging and pressure and
fluid sampling.
Preliminary Interpretation indicates that the well has intersected a gross
gas condensate column over the interval 2896 to 2921 metres MDRT. The
accumulation is located on the crest of the Momoho anticline, on the
southwestern side of a central fault.
Given the presence of gas condensate at Momoho 1, gas nearby at Kupe South 4
(2.5 kilometres to the northeast) and oil at Kupe South 5 (1.2 kilometres to
the south), potential remains for hydrocarbons to be trapped within a large
closure on the northeastern, downthrown side of this fault. Evaluation of
this portion of the Momoho anticline will be considered at a future date by
the Joint Venture once the full implications of Momoho 1 have been
considered. Further studies will be undertaken to determine whether it may be
possible to contemplate a development combining these existing and potential
hydrocarbon accumulations.
Momoho 1 reached a total depth of 3145 metres MDRT on 14 July and upon
completion of the current evaluation programme, will be plugged and
abandoned. It is expected the rig will be released early next week, subject
to a suitable weather window.
Momoho is 6 kms southeast of the Kupe central field, off the coast of South
Taranaki. Drilling began on 13 June 2008 and progress is summarised as
follows:
Well section: 36inch 22inch 17inch 12 1/4inch
8-1/2inch
Planned Depth: 170.5m 550m 1,830m 2,855m 3,142.5m
Actual Depth*: 180m 561m 1,845m 2,898m 3,145m
*Depths are cumulative and show total well depth measured below the rotary
table (MDRT).
ENDS.
Partners in the Kupe permit PML38146 are:
Origin Energy Limited (through its subsidiary Origin
Energy Resources (Kupe) Limited)
50% (Operator)
Genesis Energy (through wholly owned subsidiaries)
31%
New Zealand Oil & Gas Limited (through wholly owned subsidiaries)
15%
Mitsui E&P Australia Pty Ltd
4%
Yep + I presume gas condensate is more valuable than gas? I like the sound of the "large" part of "for hydrocarbons to be trapped within a large closure on the northeastern, downthrown side of this fault.
I would imagine it will take a while for all the analysis to be completed.
It sounds to me like it's "interesting" but not what they originally expected/hoped for.
Reading this again - they have clearly decided not to incur the cost of holding the rig at this stage to drill the other side of the fault - they are releasing it instead. This signals that they aren't confident enough in the current results to risk the additional drilling investment.