Fracking figures in Castlepoint drilling scenario
JAMES WEIR, 27/07/2012
A small but rapidly growing oil company plans to drill for oil near Castlepoint in Wairarapa, hoping to strike it rich in untested oil shales in the area.
Vancouver-owned New Zealand Energy Corporation plans to drill at least one exploration well on the East Coast of the North Island next year, after some initial sampling work at its Castlepoint permit late last year.
NZEC’s website shows the Castlepoint permit has a prospective resource of 208.6 million barrels, while the adjacent Ranui permit has 40.5 million barrels.
The East Coast has more than 300 oil and gas seeps, sourced back to two oil shale formations, but there have been no commercial….”