The junior partner in the onshore PEP 51153 permit in the onshore Taranaki, Melbana Energy Ltd (ASX: MAY), said yesterday that the joint venture was starting planning on a review of the potential field development.
This takes in appraisal options for the currently suspended Puka field, once all testing information is available.
Melbana’s partner is 70% owner and operator TAG Oil Ltd (TSX: TAO, OTCQX: TAOIF), which operates a number of oil and gas fields in the area.
Melbana said oil flow testing of the recently drilled Pukatea-1 well was continuing, with a testing report to be prepared once gauges were pulled from the wellbore and information was assessed.
Melbana, which also reported on progress on its project in Cuba and in Western Australia, said it was considering a number of business development initiatives.
Managing director Robert Zammit said: “Following recent marketing initiatives in the UK, it is apparent there is considerable investment interest in Melbana’s world-class exploration portfolio.”
He said the company has implemented a restructuring of operational and administrative capabilities to allow for introduction of a “broader range of capabilities to allow for the introduction of the broader range of capabilities needed going forward.”
This was particularly evident for the Santa Cruz oilfield on Block 9 in Cuba.
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