News: Pan Pacific Petroleum increases reserves at New Zealand oil well

Pan Pacific Petroleum (ASX:PPP) and New Zealand Oil and Gas (ASX:NZO, NZE:NZO) have increased proved and probable (2P) reserves at the Pateke-4H well in the offshore Taranaki Basin, New Zealand, to 2.4 million barrels of oil.

This is 360,000 barrels net to PPP and 660,000 barrels net to NZO and follows a review of the increase in Tui reserves attributable to Pateke-4H.

The Pateke-4H estimate will be reviewed and updated when the well is on production and actual performance can be compared with the forecast from the current model.

Pateke-4H is scheduled to be tied into the floating production, storage and offloading vessel Umuroa in the first quarter of 2015 with production in the second quarter.

PPP has a 15% stake in the Tui joint venture while NZO has a 27.5% interest. Operator AWE Limited (ASX:AWE) has a 57.5% stake.