Mosman Oil & Gas makes oil discovery in New Zealand

Jun 13, 2014 12:00 AM

Mosman Oil & Gas Ltd has said it has made an oil discovery at its Cross Roads-1 well on the Petroleum Creek Project in New Zealand.

The New Zealand and Australia focused oil and gas exploration and development company said that following the start of drilling at the Cross Roads-1 well last week, its technical and legal advisers have told it that data from the work completed so far shows an oil discovery that must be reported to the New Zealand regulator.

The company said core and wireline logs of the well show two zones which are each 8.5 metres thick in its Eight Mile formation, with good porosity and significant moveable oil for a total potential pay of 17 metres.

Mosman Oil said that, in addition, the well has now been drilled to 243 metres depth, where it encountered the Cobden limestone and found oil shows from cuttings samples at this depth.

The company said that casing has been set and cemented at the sit, and once blow-out preventers are installed and pressure tested, coring will start to test the Cobden limestone.

After that, drilling will continue until its total depth of around 350 to 400 metres, and Mosman said that it has already started detailed planning for a testing and appraisal programme once drilling is finished.

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