Dangar, the potential in the Tikorangi only comes when it is fractured and to date this has been a rare occurrence in the Taranaki Basin. In fact this has only been found around Waihapa/Ngaere [onshore] and all the wells out here on the Western Platform have found a benign Tikorangi. Hence there was no particular reason to suspect that the Tikorangi was or would become an obvious zone of interest ahead of drilling Matuku-1. Yes in hindsight, if in fact the Tikorangi has now been found to be fractured there may be various clues [eg faulting mapping into the Tikorangi] that could now be seen to have pointed to this possibility. Indeed perhaps some of the team were aware of this and were on the lookout anyway, but not with any confidence level that they might have based a drilling proposal upon. The other point is that there may be minimal drape at Matuku so there was very little structure to drill anyway.
OXX Price at posting:
21.5¢ Sentiment: None Disclosure: Held
