No oil shows were recorded in the primary Toro formation target or in the secondary reservoirs though elevated gas readings in the Toro and several other potential reservoirs will be evaluated during the upcoming wireline logging and sampling program.
Panakawa-1, which had pre-drill targets of up to 202 million barrels of oil, is currently at a depth of 1991m. The well has a planned total depth of 2250m.
The well in PPL 267 is being drilled by the ADS Rig 6 on a lead initially identified by the Yallis Phase I seismic survey which was completed in 2006, and further delineated by the Yallis Phase II survey in 2008.
NGE holds a 100% stake in PPL 267.
Disclosure: Aspermont, publisher of PetroleumNews.net, holds shares in New Guinea Energy
