Pukeko-1 Petrophysics Report (Update 2)

The main objective of this study is to determine porosity and fluid content for the reservoirs intersected in the Pukeko-1 well. Pukeko-1 was designed to test the Kapuni C, D and F sands in a large anticlinal closure defined by 2D seismic. Pukeko-1 was spudded on 28 April 2004 and reached to a total depth of 4190m on 26 May 2004. The well was abandoned as a dry hole with weak oil shows in the Kapuni C sands and non-commercial oil saturations in the lower Kapuni F sands and several sands in the North Cape Formation. In particular the following points were to be addressed; Lithology, porosity, net/gross and fluid content of the reservoirs, evaluation of hydrocarbon saturation (1-Sw) and type of hydrocarbons. An estimation of the potential column height above the current low oil saturations was made in the Farewell and North Cape Formations, where 100% oil production is possible. An evaluation for the sealing potential required to hold this column height was also carried out.