Ann: MINE: NZO: Kan Tan IV expected to drill Matu

• Release Date: 20/05/13 14:04
• Summary: MINE: NZO: Kan Tan IV expected to drill Matuku in September
• Price Sensitive: No
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NZO
20/05/2013 12:04
MINE

REL: 1204 HRS New Zealand Oil and Gas Limited

MINE: NZO: Kan Tan IV expected to drill Matuku in September

A likely start date has been confirmed for drilling in the Matuku prospect in
PEP 51906 off Taranaki where New Zealand Oil & Gas holds a 12.5 per cent
interest.

The permit's operator, OMV, has advised that the semi-submersible rig Kan Tan
IV is expected to begin drilling in mid-September. The well is expected to
take 40 days to drill to a target depth of 4756 metres.

The operator has publicly estimated mean recoverable resource for the
prospect at around 65 million barrels.

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, New Zealand Oil & Gas has an option to acquire a further 5 per
cent of Octanex's share, which would equalise each company's interest at 17.5
per ce
End CA:00236422 For:NZO    Type:MINE       Time:2013-05-20 12:04:44