Austral Pacific Energy holds a 36.5 percent interest in the field, which will rise to 69.5 percent after the completion of its acquisition of Arrowhead Energy Ltd, with Tag Oil holding the balance.
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New Zealand Discovered Oil in North Island
New Zealand's energy explorer Austral Pacific said on Wednesday
New Zealand's energy explorer Austral Pacific said on Wednesday it had found oil in a new well being drilled in the Cheal field, located in the country's North Island.
It said it had encountered oil bearing sands in the Cheal B1 well, one of four new development wells being drilled as part of the Cheal oil field development.
Austral Pacific Energy holds a 36.5 percent interest in the field, which will rise to 69.5 percent after the completion of its acquisition of Arrowhead Energy Ltd, with Tag Oil holding the balance.
Austral Pacific Energy holds a 36.5 percent interest in the field, which will rise to 69.5 percent after the completion of its acquisition of Arrowhead Energy Ltd, with Tag Oil holding the balance.
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