Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

N.Z. Oil & Gas Says Taranui Well to Be Abandoned

Updated on

Sept. 4 (Bloomberg) -- New Zealand Oil & Gas Ltd., the nation's biggest publicly traded explorer, said the Taranui-1 well off the country's Taranaki coast contained only minor oil shows and will be plugged and abandoned.

``Logs recorded while drilling indicate that there are no potentially productive intervals present,'' the Wellington-based company said in a statement to the New Zealand stock exchange.

Taranui, 30 kilometers (19 miles) off the west coast of New Zealand's North Island, had been estimated to contain 5 million to 15 million barrels of oil. It was targeted as an add-on to the nearby 32 million-barrel Tui field, developed in partnership with Australian Worldwide Exploration Ltd. and Mitsui & Co.

N.Z. Oil & Gas owned 12.5 percent of Taranui. Its stock fell 2.9 percent to NZ$1.00 at the 5 p.m. close of trading in Wellington.

Last month, the partners also abandoned the Hector well 65 kilometers southwest of Tui. The prospect had been estimated to hold about 60 million barrels of oil.

To contact the reporter on this story: Gavin Evans in Wellington at gavinevans@bloomberg.net

To contact the editor responsible for this story: Reinie Booysen at rbooysen@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.