Cheal-D1 and Cheal-E8 Well Test Analysis Report

Testing of Cheal D-1 and Cheal E-8 in PEP54877, Taranaki Basin, confirmed the presence of moveable hydrocarbons at the Urenui A interval for both wells. Production testing on Cheal D-1 observed a peak gas rate of 2,561 mscf/d on a 24/64in choke (FTHP 800 psig). Gas rates ended up averaging 380 mscf/d on a 64/64in choke. Cheal D-1 was deemed to be uneconomic and was suspended pending further investigation. Production testing on Cheal E-8 observed rates of 169 bopd and 775 mscf.d of gas on a 20/64in choke (FTHP 460 psig). An increasing GOR (>3000 scf/bbl) was observed on the main flow period, suggesting original reservoir pressure was at or below bubble point (Rs at Pb 870 scf/bbl). Cheal E-8 was tied into surface facilities following testing.