A British resource investment bank said a successful test of the upper zone of the recent Pukatea-1 well could enable production in the suspended Puka oil field to recommence.
Brandon Hill Capital has issued a review on the Pukatea-1 well from the point of view of 30% partner, Melbourne-based Melbana Energy Ltd (ASX: MAY).
Brandon Hill said while the result of the primary deeper target at Pukatea-1 was disappointing, the overall outcome of the well was balanced by the success of encountering oil in the Mt Messenger sands.
Because of Melbana’s focus on developing its Cuba field assets, this onshore Taranaki well was already considered non-core.
The Pukatea-1 well encountered oil in the secondary target but Brandon Hill said it was absent in the primary objective.
“A further 160 metres of intermittent hydrocarbon shows were recorded and will be logged. The well will then be plugged back to the oil-bearing Mt Messenger sands and completed ready for testing,” Brandon Hill said.
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