New Zealand Energy Corp. (TSXV: NZ) ("NZEC" or the "Company") provides the following operational update regarding the drilling of the Tariki-5 gas development well.
The Tariki Joint Venture, comprised of the Company's wholly owned subsidiary, NZEC Tariki Limited (as to 50%) and L&M Energy Limited (as to 50%), reports that the Tariki-5 well has been drilled to a total depth of 2,637m.
The well has failed to encounter the targeted Tariki Sandstone reservoir and geological results are currently being assessed with a view to sidetracking the well to a nearby location where reservoir sands are anticipated to be present.
Planning for a geological sidetrack is currently ongoing and equipment is being mobilized to allow this plan to be executed. In the interim period the rig will be stood down for a brief period to allow the crew to rest the mandatory period, while the necessary planning and preparations can be made.
NZEC will provide a further update on the plans for the remainder of the drilling program by 1 November 2024.