President Energy's well in the Santa Rosa Fomraiton has spudded.
The Lapacho x-1 well has "very encouraging" hydrocarbon shows encountered throughout the gross formation thickness with hihg background gas of 20% and trip gas of 48%.
Tag Oil has hit hydrocarbon bearing sands in the onshore Taranaki Basin in New Zealand.
The Cheal-E6 step out well intersected more than nine metres of net oil and gas bearing sands in the Mount Messenger formation.
New Zealand-focused oil and gas explorer Kea Petroleum has seen a spike in profits as a result of hydrocarbon sales.
The company announced its preliminary results for the year ending May 2014, with revenue increasing to £2,087,000, up from £829,000 in 2013.
Kea said the increase was associated with the production of hydrocarbons from Puka-1 and Puka-2.
