Pan Pacific Petroleum and New Zealand Oil and Gas have completed a review of the increase in Tui reserves attributable to the Pateke-4H well, and estimate a total increase in 2P recoverable reserves of 2.4 million barrels gross, 360,000 barrels net to PPP as at 1st January 2015.

This comprises 1.9 million barrels from the Pateke-4H accumulation and an additional 0.5 million barrels from the other Tui Area Fields as a result of the extension of economic field life. This estimate excludes any additional oil which will be used as fuel.

The Pateke-4H estimate will be reviewed and updated when the well is on production and actual performance can be compared with the forecast from the current model.

Tags: New Zealand Oil and Gas Ltd (NZOG), Pan Pacific Petroleum