Vancouver-based New Zealand Energy Corp. (CVE:NZ)(OTCQX:NZERF) says that it is now drilling its seventh well on its Eltham permit in the Taranaki Basin of New Zealand's North Island.
Last week, the company started drilling the Arakamu-2 well, targeting the Mt. Messenger Formation at an approximate depth of 2,300 metres.
The oil and gas producer said drilling is proceeding well, and is currently at about 1,500 metres.
It expects to spud another well at the site, Arakamu-1A, in December, targeting the Moki Formation at around 2,700 metres.
New Zealand Energy plans to drill Arakamu-1A using the surface casing of the existing Arakamu-1 well, drilled by a previous permit holder in 2006, it said.
The Arakamu site sits around 3.8 kilometres southwest of Copper Moki, where it has three producing wells, and 2.5 kilometres south of Waitapu.
At the Waitapu site, which is just 1.3 kilometres south of Copper Moki, the company recently achieved target depth in its Waitapu-2 well, and completed casing. Waitapu-2 was drilled into the Mt. Messenger Formation with a measured depth of 2,081 metres and true vertical depth of 1,970 metres.
New Zealand Energy is in the midst of an eight well drilling program at Taranaki, which is now expected to wrap up in the first quarter of next year.
In mid-October, the company said its 3,000 barrels of oil equivalent per day guidance has shifted to the first quarter of 2013, so as to coincide with the completion of its eight well drill program.
New Zealand Energy’s property portfolio covers nearly 2.25 million acres of prospects in the Taranaki Basin and East Coast Basin of New Zealand’s North Island.
A large chunk of its properties are located in the Taranaki Basin, which is situated on the west coast of the North Island and is currently the country's only oil and gas producing basin, producing roughly 130,000 barrels of oil per day from 18 fields.
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