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New Zealand

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.

  • 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.

  • The New Zealand government granted the ROC-led joint venture the exploration permit PEP52181 in the Taranaki Basin in May 2010.

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 MMBO.
  • 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 MMB oil and condensate and 15.1 bcf gas.
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).
PERMIT SIZE
  • Canterbury Basin (1 permit): 1,654km2 gross (248km2 net).
  • Taranaki Basin (2 permits):  2,641km2 gross (456km2 net).
JV PARTICIPANTS AND INTERESTS

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ACTIVITY STATUS
Exploration and Appraisal

Canterbury Basin:  Two exploration wells have been drilled in the permit (Galleon-1 in 1995 and Cutter-1 in 2006).  Both had gas and/or condensate shows.  The 480km Barque 2D seismic survey was acquired in 1Q 2009 over the Barque prospect.  The Barque prospect is being considered as a potential drilling candidate.

Taranaki Basin:  Tuatara-1 was drilled in PEP38524 in 3Q 2010, targeting stacked Miocene aged turbidite fan sands in a structure analogous to the Maari oil field.  Minor oil shows were reported but there were no commercial quantities and the well was plugged and abandoned in August.

PEP52181 contains the promising Kaheru prospect which is on trend with the Rimu and Kauri fields.  The agreed work program for this newly awarded permit has a well in Year 3.