Shares in domestic oil companies have risen after a joint venture drilling operation in the Tui licence area struck oil.
Shares in New Zealand Oil & Gas, which has a 12.5% stake, rose 4%, while Pan Pacific Petroleum, which has a 16% stake, rallied 12%.
The Tui well is in the offshore Taranaki Basin, and has been drilled to a total depth of more than 3700 metres.
It's one of two wells being drilled in the area, which is next to an existing well that is forecast to produce 4.8 million barrels of oil this year.
