Ngaere-1 well flows oil after perforation in Taranaki, New Zealand

New Zealand Energy Corp reported initial production from the Ngaere-1 well following perforation of the Mount Messenger Formation in onshore Taranaki, New Zealand.

The well flowed oil and gas immediately after perforation, producing about 580 bbl of oil during the first six hours of operation and approximately 3,000 bbl to date. Production is currently stabilizing at about 120 bbl/day without additional stimulation or optimization.

Ngaere-1 is located within petroleum mining licenses PML 38140 and PML 38141, where NZEC holds a 50% interest. The work was carried out with joint venture partner L&M Energy Ltd. and in partnership with Monumental Energy.

Following the initial results, the partners plan to carry out similar perforation programs at the Waihapa H1 and Ngaere-2 wells targeting the same formation. These activities are expected to begin in the coming days, with flow results anticipated within two to three weeks.