Geology and history

Geology

Canterbury Basin

  • The Canterbury Basin formed when New Zealand rifted from Antarctica around 85 million years ago.
  • The target reservoir is the Cretaceous Shag Point Formation sandstone and coal measure sequence.
  • The main plays are drapes over basement highs, or stratigraphic pinch-outs.

Taranaki Basin

  • The Taranaki basin is located at the convergent boundary between the Australian Plate and the Pacific Plate.  The basin is a broad sequence of
  • Upper Cretaceous to Recent sediments lying largely offshore but partly onshore along the west coast of New Zealand.  The basin is elongated in a north-south direction with its eastern boundary defined by the Taranaki Fault Zone.  The western boundary is the deep-water platform Challenger Plateau.
  • Target reservoirs are transgressive clastics of the Late Tertiary (Miocene) and Cretaceous to Early Tertiary sediments (e.g. the Pakawau Group which are productive in the Maui, Maari and Tui Fields).

Regional activity

  • Several wells have been drilled around and within the Canterbury Basin permit with no commercial success, but with indications of the potential for gas/condensate.
  • The recently developed Maari field in the Taranaki Basin (operated by OMV), 80km to the northwest of ROC’s permits, had initial production of around 35,000 bopd and estimated reserves of 51 MMBBL.
  • The Rimu oil and gas field and Kauri gas and condensate field, operated by Origin, have remaining reserves at 1 January 2010 of 2.1 MMBBL oil and condensate and 15.1 BCF gas.

Permit size

  • Canterbury Basin (1 permit): 1,654km2 gross (248km2 net).
  • Taranaki Basin (1 permit):  312km2 gross (156km2 net).

History

  • In 2H 2008, ROC acquired a non-operated interest in exploration licence PEP38259 in the Canterbury Basin, off the central east coast of New Zealand’s South Island via acquisition of Anzon Australia Limited.  ROC notified the joint venture of its intention to withdraw from the permit in November 2011.  The finalisation of ROC's withdrawal was completed in 1Q 2012.
  • In 1H 2010, ROC acquired a non-operated interest in exploration license PEP38524 in the southern Taranaki Basin, New Zealand, via farmin by contributing to the cost of drilling Tuatara-1.  Following the drilling of the well and a permit-wide prospectivity review, the joint venture surrendered the permit to the New Zealand government effective 30 September 2011.
  • The New Zealand government granted the ROC-led joint venture the exploration permit PEP52181 in the Taranaki Basin in May 2010.  An application to extend the permit by 140km2 was approved by the government on 18 February 2011, increasing the permit area to 312km2, covering the entire Kaheru prospect structure as well as several additional leads. 
  • ROC notified the PEP52181 joint venture of its withdrawal from the permit on 23 March 2012 and is awaiting necessary government approvals before the withdrawal is finalised.

JV participants and interest

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