L&M Energy Limited advises that the Talon-1 exploration well in PEP51151, onshore Taranaki, New Zealand (LME: 50%) has reached total depth and intersected basement at 1501m, around 50m below prognosis.

Wireline logs have been run and initial interpretations indicate that, while the well intersected over approximately 75m of good quality Manutahi reservoir, no significant hydrocarbon shows were observed.

The well log data will now be re-correlated with seismic data and incorporated into the technical database for the permit and the Joint Venture will be consulted prior to the commencement of the next stage of exploration.

As announced on 13th July, LME will be free carried through the drilling of the well (subject to regulatory consent).

Talon-1 is the first well to be drilled on the 482.4 km2 permit, which contains multiple further drilling targets.

Tags: L&M Energy