1 Feb 2013

Tui extraction rate now 85%

7:49 am on 1 February 2013

Pan Pacific Petroleum says 85% of extractable oil has been recovered from the Tui oil field off the coast of Taranaki.

The company, which owns 10% of the oil , says it is estimated that is just 6.4 million barrels of oil left in the field.

The company is preparing to drill six new offshore wells this year near Taranaki, Vietnam and between Australia and East Timor.