Drilling to start
PA Auckland Drilling of the Kongahu 1 oil exploration well 19km off Karamea will begin today. The Benreoch rig, which arrived at the well site in licence area PPL 38058 yesterday, is expected to take two weeks to drill the well to 2300 m at a cost of about $6 million. The major beneficial interest in the licence is Horizon Oil NL (18 per cent). Other interests include Cue
Energy and Kupe Petroleum. Since the drilling contract was announced in May there have been substantial changes to the equity participation in the well. One of the most significant is the entry of Wattie Industries, Ltd, which has acquired a 5.5 per cent interest through its whollyowned subsidiary, Fitzroy Petroleum, Ltd. The licence area is estimated to have potential reserves of 500 million barrels.
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Press, 21 June 1984, Page 24
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136Drilling to start Press, 21 June 1984, Page 24
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