Ann: MINE: NZO: Matuku-1 weekly progress report

• Release Date: 17/12/13 10:51
• Summary: MINE: NZO: Matuku-1 weekly progress report
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					NZO
17/12/2013 08:51
MINE

REL: 0851 HRS New Zealand Oil and Gas Limited

MINE: NZO: Matuku-1 weekly progress report

As at 6.00AM Monday, 16 December, blowout preventers had been successfully
installed and tested at the Matuku-1 well in PEP 51906 offshore Taranaki.

The well was at 1569 metres and drilling had commenced on the 12 1/4 inch
section.

The Kan Tan IV began drilling operations on Saturday, 30 November. Matuku-1
is in 130 metres of water. It is expected to take 45 days to drill to a depth
of 4750 metres.

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.

John Pagani
External Relations Manager
M: +64 21 570 872
End CA:00245277 For:NZO    Type:MINE       Time:2013-12-17 08:51:01