Exploration company New Zealand Oil and Gas has found oil in its Pateke-2 well, the company said.

A 13 metre oil column had been found and tests implied it was the same pool of oil tapped into by the nearby Amokura-1 well, it said.
“The full size of the Pateke-Amokura field will be determined once post-drill studies have been completed in 6-8 weeks time, the company said in a statement.
“However, NZOG considers that it is likely that the field will rapidly proceed to development with a target of first oil production within 24 months.”
It said the oil reservoir appeared to be of excellent quality.