PPP’s main asset in New Zealand is the 10% equity in the Tui Area oil Fields located in the Taranaki Basin, about 50km offshore from New Zealand’s North Island, and northwest of the Maui Gas Field. PPP also has exploration permit interests in the area west of Tui.
Appendix 4E, Directors' Report and Annual Financial Report for the year ended 30 June 2010
The Operator, AWE, advises that at 0600 hours today plug and abandonment operations were starting at the Kahu-1 exploration well. No significant hydrocarbons were detected within target sandstone reservoirs.
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