On October 24, 2024, in New Plymouth, New Zealand, New Zealand Energy Corp. (NZEC), a publicly traded company (TSXV: NZ), released an update on the drilling results of the Tariki-5 gas development well. The Tariki Joint Venture, comprising NZEC Tariki Limited (50%) and L&M Energy Limited (50%), announced that the well drilled to a depth of 2,637m will be reworked back to 2,432m.
Analyses show that the well intersected a fault at a depth where the company considered it the “worst-case scenario”. The original plan was for the fault to be deeper, with reservoir sand above it. As a result, the company plans to drill a new bottomhole wellbore to intersect the Tariki reservoir up dip of the fault, which is anticipated to enhance gas production and facilitate gas storage.
To view detailed seismic images of the Tariki reservoir and fault, please visit the provided link. The company has sourced necessary equipment and will resume drilling once the required rest period for the crew is completed.
The release also contains forward-looking information regarding the Company’s plans and objectives, including the Tariki-5 well. While the information is based on current beliefs and assumptions, there are known risks and uncertainties that could affect actual results. These risks include economic conditions, market acceptance, regulatory approvals, and operational challenges, among others.
The Company encourages readers to refer to its disclosure documents on the SEDAR+ website for a comprehensive list of risk factors. Although the forward-looking information reflects NZEC’s current expectations, the Company disclaims any obligation to update or revise such information unless required by applicable securities law.
For more information and to view the original press release, please visit the provided source link.
