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- Release Date: 02/12/13 10:30
- Summary: MINE: NZO: Kan Tan IV begins drilling at Matuku
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NZO
02/12/2013 08:30
MINE
REL: 0830 HRS New Zealand Oil and Gas Limited
MINE: NZO: Kan Tan IV begins drilling at Matuku
Drilling is underway in the Matuku-1 well in PEP 51906 offshore Taranaki, the
operator has advised.
New Zealand Oil & Gas holds a 12.5 per cent interest in the well.
The Kan Tan IV began drilling operations at 1.50PM on Saturday, 30 November.
Matuku-1 is in 130 metres of water. It is expected to take 45 days to drill
to the projected target depth of about 4750 metres (measured depth below the
rotary table).
The Matuku prospect lies south of the producing Tui oil fields and west of
the Maui gas field. The well targets the F Sand reservoir sandstones of the
Kapuni Group. Secondary targets are sandstones of the Kapuni Group D Sand and
Pakawau Group North Cape Formation.
The Kan Tan IV is a semi-submersible rig operated by Frigstad Offshore
Limited. The rig was previously deployed successfully in PMP 38160 (Manaia).
Participants in PEP 51906 are OMV New Zealand (Operator) 65 per cent; Octanex
22.5 per cent; and New Zealand Oil & Gas 12.5 per cent.
If Matuku-1 is successful, either New Zealand Oil & Gas or Octanex may
exercise an option for New Zealand Oil & Gas to acquire a further 5 per cent
of Octanex's share, which would equalise each company's interest at 17.5 per
cent.
Attached: Map of Matuku-1.
John Pagani
External Relations Manager
M: +64 21 570 872
End CA:00244552 For:NZO Type:MINE Time:2013-12-02 08:30:15
