junior oilers 12/13 april, page-18

re: junior oilers 12/13 april -tui well Here is some information that I picked off a kiwi website
today.

Transworld to shoot 350 sq km of 3D seismic over offshore Tui oil discovery

10 March, 2003  Transworld Oil has moved quickly to undertake a 350 sq km 3D seismic programme over its recent Tui-1 oil discovery and nearby similar structures in its PEP 38460 offshore Taranaki permit.

The permit, which lies northwest of the Maui field, is operated by New Zealand Overseas Petroleum Ltd, a subsidiary of the Bermuda-registered Transworld Oil group.

New Zealand Oil & Gas Ltd exploration manager Eric Matthews , one of the PEP 34460 partners, said the venture partners have contracted the Veritas seismic survey vessel Pacific Sword to shoot the 3D seismic.

The Tui-1 well encountered a gross oil column of 10 m within the Kapuni F sands, of which 100% was net oil pay in excellent quality reservoir rocks.

NZOG said the Pacific Sword is due to arrive in Taranaki from Singapore by mid-March and should complete its programme a month later.

The main purpose of the Tui 3D seismic is to define the extent of the Kapuni F sand oil pool discovered in February, 2003. The survey will extend over several similar features nearby, and is expected to generate several targets for a drilling campaign provisionally planned for next summer.

Dr Matthews said Tui-1 on its own looked to be a marginal discovery, but if the partners proved up further reserves by later successful appraisal drilling, then the field should prove commercial.

New Zealand Overseas Petroleum holds a 45% stake in PEP 38460. NZOG has a total 35% interest (through subsidiary Stewart Petroleum Co. Ltd's 20%, and associate Pan Pacific Petroleum NL's subsidiary WM Petroleum Ltd's 15% share) and AWE New Zealand Pty Ltd's 20%.