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Petroleum Creek Project 100% Interest

Petroleum Creek Project 100% Interest

Mosman owns PEP 38526 in New Zealand which has an area of 143.6sq km. The area is known for the largest natural oil seeps in New Zealand.

The PEP is located near Greymouth on the South Island in the southern extension of the proven Taranaki oil system.  In the northern side of Taranaki there are some 20 fields which have produced in excess of 400 mmbbls of oil and 60,000 bcf of gas.

Exploration work undertaken at the Petroleum Creek Project in 2014 included the drilling of three wells which resulted in Discoveries being reported to NZPAM.  Further exploration included the acquisition of new seismic data and the reprocessing of all existing seismic.

Geography and Infrastructure

The Project is located onshore in the Stillwater-Moana area of the West Coast of the South Island east of Greymouth. The Arnold River bisects the Permit north northwest-south southeast, and several roads exist within its area including the east-west State Highway 7 in the northern part. Vegetation comprises open farmland pasture, native bush and lowland forest.

Previous Exploration

The south eastern corner of the Project has been subjected to a long history of exploration with drilling starting in 1902. A total of around 58 shallow wells are documented to have been drilled within or close to the PEP. Many of these wells were drilled prior to 1940 and data is therefore limited.

Geological Work

In early 2014 Mosman commissioned SRK to integrate all available data into a single integrated petroleum model that mapped 22 leads and prospects over the Kotuku anticline.
That meant for the first time, that Mosman is aware of, all data was now in one model. 

Oil and Gas Resource Estimate

In 2014 SRK updated the resource estimate based on available information.

SRK stated in the report:

"The drilling of Cross Roads-1 and Crestal-1 has demonstrated oil in the 8 Mile Formation and the Cobden Limestone. More importantly, Cross Roads-1, northwest of the main crest has de-risked charge in the greater Kotuku structure and indicates some surrounding prospects and leads occur on migration paths."

The report also identifies new prospects and leads which extend across the boundary from the Petroleum Creek project into the new Taramakau permit, details of which are not yet included in the resource inventory in the report.

Prospective Resources

 

Unrisked OIIP mmstb

Unrisked Recoverable Oil mmstb

 

P90

P50

Mean

P10

P90

P50

Mean

P10

New

32.0

114.5

334.2

466.7

4.7

16.1

27.3

61.5

Old

30.0

98.9

217.9

396.1

4.8

15.6

26.6

59.2

Source: SRK

Contingent Resources

Contingent Resources for Cross Roads-1 and Crestal-1 are shown below. Contingent Resources are by definition, discovered hydrocarbons.  

Crestal-1

 

 

 

 

 

 

OIIP Estimate (barrels)

Contingent Oil Resource Estimate (barrels)

 

P90

P50

Mean

P10

P90

P50

Mean

P10

Lower 8Mile

10,552

67,069

190,482

426,309

1,572

9,485

22,480

57,215

Cobden

6,421

32,387

72,017

163,365

1,305

6,272

12,236

30,147

Total

16,973

99,456

262,499

589,674

2,877

15,757

34,716

87,362

Source: SRK

Cross Roads-1

 

 

OIIP Estimate (barrels)

Contingent Oil Resource Estimate (barrels)

 

P90

P50

Mean

P10

P90

P50

Mean

P10

Lower 8Mile

5,672

41,071

135,822

297,376

850

5,808

15,459

39,713

Cobden

3,068

15,362

33,910

76,914

623

2,975

5,770

14,197

Total

8,740

56,433

169,732

374,290

1,473

8,783

21,230

53,910

Source: SRK

The hydrocarbon estimates provided in the report conform to the definitions and guidelines of the 2007 Petroleum Resources Management System (SPE, 2007)

SPE Definitions

Download Appendix A