$7m OIL SEARCH FRUITLESS

Press, Volume CIX, Issue 32019, 20 June 1969, Page 1

$7m OIL SEARCH FRUITLESS

(New Zealand Press Association) WELLINGTON, June 19. The Rakaiatai No. 1 oil well in Hawke’s Bay has been abandoned by the BP, Shell, Aquitaine and Todd Petroleum Development Company.

1 The chairman of the group (Mr A. H. Barron) said today that there was no likelihood whatsoever of oil or natural gas existing in the basement rock of the well. The BP, Shell, Aquitaine and Todd consortium had now spent about s7m in a so far fruitless search for oil on the east coast of the North Island, Mr Barron said in a statement. Drilling at the Rakaiatai No. 1 well had ceased at a depth of 2249 ft, where basement formations were reached at a higher level than expected, with no indication of the presence of hydrocarbons. No potential reservoir rocks were found. The abandonment of the well was a great disappointment to the consortium, Mr Barron said. “In spite of recent technological advances, the search for oil is still a very expensive gamble. To date we Have spent about s7m on the east coast of the North Island without success. “The consortium now in-

tends to reappraise its exploration activities in the Hawke’s Bay area, and in this regard the data obtained from Taradale and Rakaiatai will be invaluable," he said.