New Zealand Energy Corp. (NZEC) has reported completion operations are underway at two wells on the Arakamu site in the Taranaki Basin of New Zealand’s North Island.

Arakamu-1A reached target depth in the Moki formation at a vertical depth of 2,650 m (8,694 ft). NZEC has cased the well to depth and will perforate the Moki formation shortly. In December the Arakamu-2 well was perforated across two intervals in the Mt. Messenger formation. A service rig is working on the well to remove stuck tubing in order to allow completion operations to proceed.

Waitapu-2 commenced continuous production at the end of December 2012 and produced at an average rate of 151 barrels of oil per day over the first two weeks of January. The three Copper Moki wells (CM-1, CM-2 and CM-3) have collectively produced at an average rate of 273 barrels of oil per day over the first two weeks of January. All four wells are producing light, high-quality oil from the Mt. Messenger formation. Oil is trucked approximately 45 km (28 miles) to the Shell-operated Omata Tank Farm in New Plymouth and sold at Brent pricing, generating a top-tier netback.

NZEC's contracted drill rig has been moved to the Wairere site and the company expects to spud the Wairere-1 well by the end of the week, targeting the Mt. Messenger formation at approximately 1,900 m (6,234 ft). Wairere is NZEC's fourth drill site, located approximately 3.75 km (2 miles) southwest of the company's Copper Moki site and 7.5 km (5 miles) southwest of the Waihapa production station.