Delevopers of New Zealand’s Kupe Gas Project said today they are set to undertake exploration drilling of the Momoho prospect, 6 kilometres south of the Kupe Gas Field and within the Kupe permit area.
In a statement to the media, Origin Energy and Kupe Gas Project said as the drilling of the Kupe development wells near completion, the Joint Venture parties are planning to test the Momoho prospect prior to releasing the Ensco 107 drilling rig.
The company said in the event that Momoho is a commercial discovery it is possible that a development may be able to be connected to the Kupe platform.
“There are never any guarantees with this kind of exploration, but we believe the Momoho prospect could have the potential to extend the gas supply available to the Kupe Gas Project, with significant benefits for the region and for New Zealand,” Kupe Gas Project director Peter Ashford said.
Located south of New Zealand’s Taranaki peninsula, the Kupe field will play a major role in helping New Zealand meet its increased gas needs.
The parties involved in the venture are Origin Energy Resources (Kupe) Ltd with 50% interest, Genesis Power Limited with 31% interest, New Zealand Oil and Gas Limited with 15% and Mitsui E & P (New Zealand) Limited with 4%.
Completion of the Kupe Gas Project is expected in mid-2009 and will provide New Zealand with about 254 petajoules of natural gas, 1.1 million tonnes of LPG and 14.7 million barrels of light oil.
By introducing a new and alternative supply of gas, the Kupe Gas Project will make a significant contribution towards meeting New Zealand’s gas supply for between 15 and 20 years.
The drilling at Momoho is planned to begin in May.
Shares in ORG ended 6 cents up at $9.09.
