Share
- Release Date: 29/01/13 14:15
- Summary: GENERAL: NZO: Two new wells to be drilled in PMP 38158
- Price Sensitive: No
- Download Document 2.03KB
NZO
29/01/2013 12:15
GENERAL
REL: 1215 HRS New Zealand Oil and Gas Limited
GENERAL: NZO: Two new wells to be drilled in PMP 38158
New Zealand Oil & Gas advises the PMP 38158 (Tui) Joint Venture has approved
drilling two additional wells in the permit:
o Pateke 4H infill development well; and
o Oi exploration well.
The operator of the permit, AWE, has negotiated an agreement to use the
semi-submersible rig Kan Tan IV to drill the wells in the second half of
2013.
NZOG chief executive Andrew Knight says the company is stepping up
exploration activity.
"These prospects are promising and NZOG is excited about our increased
exploration activity. In addition to the new exploration in the Tui permit
Pateke and Oi prospects, drilling is also planned in the coming season in the
Matuku, Kaheru and Kakapo prospects off Taranaki. NZOG is also diversifying
overseas with drilling due to begin in Sumatra."
NZOG will participate in the new wells at its existing equity level of 12.5
per cent and AWE will remain the Operator.
Pateke-4H targets a newly mapped northern extension of the field (Pateke
North) that is not being accessed by the current producing well, Pateke-3H.
PMP 38158 (Tui - Pateke prospect)
NZOG 12.5%
AWE 42.5% (Operator)
Mitsui 35%
Pan Pacific Petroleum 10%
The Oi exploration well is 13 kilometres northeast of the Tui field in
approximately 120 metres of water. Pan Pacific Petroleum, in which NZOG holds
a 15 per cent equity stake, will increase its participation in the Oi well to
50 per cent under the sole risk provisions of the Tui Joint Operating
Agreement. AWE and Mitsui have elected to participate in the Oi exploration
well at reduced equities; They have the option to restore their full equities
in any development through buy back of equity from Pan Pacific Petroleum
which will comprise reimbursement of pro-rata costs together with the payment
of a buy back premium.
PMP 38158 (Tui - Oi prospect)
NZOG 12.5%
AWE 25% (Operator)
Mitsui 12.5%
Pan Pacific Petroleum 50%
End CA:00232402 For:NZO Type:GENERAL Time:2013-01-29 12:15:28
