NZO
14/08/2007
MINE
REL: 1709 HRS New Zealand Oil and Gas Limited
MINE: NZO: NZOG'S Hector-1 drilling report 14 August 2007
New Zealand Oil & Gas Limited ("NZOG") reports that at 0600 hours today, the
Hector-1 well was being plugged and abandoned at a total measured depth of
3,825 metres.
After completion of operations at Hector-1, the Ocean Patriot rig will be
moved to drill the Taranui-1 well in PMP 38158. NZOG estimates the Taranui
Prospect to potentially have an estimated 15 million barrels of recoverable
oil. A discovery at Tarnui-1 would most likely be fast-tracked for
development through the existing Tui area FPSO and facilities.
ENDS
oil production started at the tui , page-17
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