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Melbana & TAG to Drill High Impact Pukatea Prospect in PEP51153

Source: www.gulfoilandgas.com 3/1/2017, Location: Not categorized

Melbana Energy Limited (Melbana) is pleased to advise that the PEP51153 Joint Venture (Melbana 30%) has ordered the required long lead equipment to support the drilling of the onshore New Zealand high impact Pukatea-1 well which is planned to commence between mid-October and early November 2017.

The Pukatea-1 well will be drilled from the existing Puka production pad where three wells have previously been drilled. Operator TAG Oil (70%) operates the nearby Cheal production complex, approximately 4.5km from the Pukatea prospect location.

Melbana Energy’s CEO and MD Peter Stickland, commented on the announcement:

“The ordering of long lead equipment and the firming of a spud date represent a positive step towards drilling the Pukatea prospect. A discovery at Pukatea has the potential to be very significant for Melbana shareholders, and we look forward to the progressing the operational aspects of the drill over the next few months.”

Background on PEP51153 and the Pukatea Prospect

The PEP51153 permit covers an area of approximately 85 square km (21,000 acres) and is located to the east of TAG’s producing Cheal field. The permit contains the Pukatea prospect, a Tikorangi Limestone target situated directly below the Puka oil pool.

The Pukatea prospect is a high impact exploration opportunity, targeting a highly productive conventional reservoir. The PEP51153 Joint Venture has recently significantly upgraded the prospective resources attributable to the Pukatea prospect which are estimated to range from 1.3 to 40 million barrels (Low-High estimates) with a Best Estimate of 12.4 million barrels of oil equivalent* (see the following table). The chance of success for Pukatea is 19%. The Operator’s analysis of Pukatea and the adjacent Waihapa field (~5km from Pukatea), is an important analogue having produced in excess of 23MMboe with initial individual well rates of ~4,000 barrels per day.

The Douglas-1 well drilled in 2012 at the edge of the Pukatea prospect encountered a 145m of reservoir interval and oil shows in a down-dip location, with more than 350m of up-dip potential estimated.

PEP51153 also contains the shallow Puka Oil field discovered in 2012, with the Puka-1 and Puka-2 wells producing 100 barrels per day from the Mt. Messenger formation before being shut in in early 2016 due to low oil prices and mechanical issues

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