New Zealand Energy Corp. Provides Analysis of and Plans for Tariki-5
New Zealand Energy Corp (TSXV: NZ) has provided an update on the Tariki-5 gas development well project. The Tariki Joint Venture, owned 50% by NZEC Tariki and 50% by L&M Energy , plans to modify the well's bottomhole track. The current well, drilled to 2,637m, will be plugged back to 2,432m due to intersecting a fault in a 'worst case scenario' location.
The company plans to drill a new bottomhole wellbore to intersect the Tariki reservoir up dip of the fault. Management expects this modification will result in a successful gas producing well, suitable for future gas storage. Drilling will resume after the mandatory crew rest period.
New Zealand Energy Corp (TSXV: NZ) ha fornito un aggiornamento sul progetto del pozzo di sviluppo del gas Tariki-5. Il Tariki Joint Venture, posseduto al 50% da NZEC Tariki e al 50% da L&M Energy, prevede di modificare il tracciato del fondo del pozzo. L'attuale pozzo, perforato fino a 2.637 m, verrà otturato a 2.432 m a causa dell'intersezione con una faglia in una posizione di 'peggior scenario possibile'.
La società prevede di perforare un nuovo tratto di fondo del pozzo per intersecare il serbatoio di Tariki sopra la faglia. La direzione si aspetta che questa modifica porti a un pozzo di produzione di gas di successo, adatto per lo stoccaggio di gas futuro. La perforazione riprenderà dopo il periodo obbligatorio di riposo dell'equipaggio.
New Zealand Energy Corp (TSXV: NZ) ha proporcionado una actualización sobre el proyecto del pozo de desarrollo de gas Tariki-5. La empresa conjunta Tariki, poseída en un 50% por NZEC Tariki y en un 50% por L&M Energy, planea modificar la trayectoria del fondo del pozo. El pozo actual, perforado hasta 2,637 m, será sellado a 2,432 m debido a la intersección con una falla en una ubicación de 'peor escenario posible'.
La empresa planea perforar un nuevo pozo de fondo para intersectar el reservorio de Tariki por encima de la falla. La dirección espera que esta modificación resulte en un pozo productor de gas exitoso, apto para el almacenamiento de gas futuro. La perforación se reanudará después del período obligatorio de descanso del personal.
뉴질랜드 에너지 공사 (TSXV: NZ)는 타리키-5 가스 개발 우물 프로젝트에 대한 업데이트를 제공했습니다. NZEC 타리키가 50% 소유하고 L&M 에너지가 50% 소유하는 타리키 조인트 벤처는 우물의 바닥 트랙을 수정할 계획입니다. 현재의 우물은 2,637m로 굴착되어 있으며, '최악의 경우' 위치의 단층에 교차하여 2,432m에서 봉합될 예정입니다.
회사는 단층 위의 타리키 저수지를 가로지르는 새로운 바닥 우물을 굴착할 계획입니다. 경영진은 이 수정이 성공적인 가스 생산 우물로 이어져 향후 가스 저장에 적합할 것이라고 기대하고 있습니다. 굴착은 필수 승무원 휴식 기간 후에 재개됩니다.
New Zealand Energy Corp (TSXV: NZ) a fourni une mise à jour sur le projet de développement de puits de gaz Tariki-5. Le joint-venture Tariki, détenu à 50 % par NZEC Tariki et à 50 % par L&M Energy, prévoit de modifier le tracé du fond du puits. Le puits actuel, foré jusqu'à 2 637 m, sera bouché à 2 432 m en raison de l'intersection avec une faille dans un emplacement de 'pire scénario'.
La société prévoit de forer un nouveau puits de fond pour intersecter le réservoir de Tariki au-dessus de la faille. La direction s'attend à ce que cette modification aboutisse à un puits de production de gaz réussi, adapté au stockage de gaz futur. Le forage reprendra après la période de repos obligatoire de l'équipe.
New Zealand Energy Corp (TSXV: NZ) hat ein Update zum Gasentwicklungsbohrprojekt Tariki-5 bereitgestellt. Das Tariki-Joint-Venture, das zu 50% von NZEC Tariki und zu 50% von L&M Energy gehalten wird, plant, den Verlauf des Bohrlochs zu ändern. Der aktuelle Bohrloch, das bis zu 2.637 m gebohrt wurde, wird aufgrund einer Überkreuzung mit einem Fehler an einem Ort der 'schlimmsten Fallannahme' auf 2.432 m verstopft.
Das Unternehmen plant, ein neues Bohrloch zu bohren, um das Tariki-Reservoir oberhalb des Fehlers zu erreichen. Die Geschäftsführung erwartet, dass diese Änderung zu einem erfolgreichen Gasproduktionsbohrloch führen wird, das für die zukünftige Gasspeicherung geeignet ist. Das Bohren wird nach der obligatorischen Ruhezeit der Crew wieder aufgenommen.
- Potential for successful gas production if new drilling plan succeeds
- Well could be suitable for future gas storage capabilities
- Initial drilling encountered worst-case scenario fault location
- Need for additional drilling and modifications to original well
- Project delays due to required well modifications
New Plymouth, New Zealand--(Newsfile Corp. - October 24, 2024) - New Zealand Energy Corp. (TSXV: NZ) ("NZEC" or the "Company") has conducted further analyses of the drilling results to date. The Company has received a number of inquiries about the well results and the way forward to successfully complete the Tariki-5 gas development well.
The Tariki Joint Venture, comprised of the Company's wholly owned subsidiary, NZEC Tariki Limited (as to
With reference to the illustration below, which is a seismic image through the Tariki reservoir with the vertical axis being depth, the well intersected the fault as shown in the white circle where the fault is in the "worst case scenario" location. What management of the Company had hoped for is that the fault was deeper (Base case fault in red) with reservoir sand sitting above it; also shown in yellow.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2648/227761_4a79c43f7475e9cd_001full.jpg
The go-forward plan is to drill out of the casing and drill a new bottomhole wellbore as shown in orange to intersect the Tariki reservoir up dip of the fault. If results are as expected by the management of NZEC, the well is expected to be a good gas producing well, suitable for gas storage later. Equipment has been sourced and drilling will recommence once the drilling crew has had their mandatory rest period.
On behalf of the Board of Directors
Ketan Chhima, Chief Financial Officer
New Zealand Energy Corp.
Tel: +64-6-757-4470
New Zealand Energy Corp. Contacts
Email: info@newzealandenergy.com
Website: www.newzealandenergy.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Information: This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. In particular, this news release contains forward-looking information regarding: the business of the Company and the Tariki Joint Venture, including future plans and objectives, and the Tariki-5 well. There can be no assurance that such forward-looking information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such forward-looking information. This forward-looking information reflects NZEC's current beliefs and is based on information currently available to NZEC and on assumptions NZEC believes are reasonable. These assumptions include, but are not limited to: NZEC's current and initial understanding and analysis of its projects and the development required for such projects; the costs of NZEC's projects; NZEC's general and administrative costs remaining constant; and the market acceptance of NZEC's business strategy. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of NZEC to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; industry condition; volatility of commodity prices; imprecision of reserve estimates; environmental risks; operational risks in exploration and development; general capital market conditions and market prices for securities; delay or failure to receive board or regulatory approvals; the actual results of future operations; competition; changes in legislation, including environmental legislation, affecting NZEC; the timing and availability of external financing on acceptable terms; and lack of qualified, skilled labour or loss of key individuals. A description of additional risk factors that may cause actual results to differ materially from forward-looking information can be found in NZEC's disclosure documents on the SEDAR+ website at www.sedarplus.ca. Although NZEC has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of NZEC as of the date of this news release and, accordingly, is subject to change after such date. However, NZEC expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/227761
FAQ
What is the current depth of the Tariki-5 well for NZERF?
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What is the new drilling plan for Tariki-5?
