Roc Oil has hit oil at its Tuatara-1 exploration well offshore Taranaki in New Zealand.

Intermittent gas shows were encountered in the well, which was drilled to a depth of 982m, over a drilled interval of between 780m and 900m.

Roc Oil is targeting about 80 million barrels of potential recoverable oil reserves in Tuatara-1, which is located in PEP 38524 around 15km offshore north of the South Island.

Roc said the well will be drilled to a proposed total depth of 2,025m.

AWE New Zealand has a 60% operating interest in PEP 38524, Roc owns a 20% stake while Kea Oil and Carnarvon each have 10%.