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

• Release Date: 30/12/13 11:52
• Summary: MINE: NZO: Matuku-1 weekly progress report
• Price Sensitive: No
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					NZO
30/12/2013 09:52
MINE

REL: 0952 HRS New Zealand Oil and Gas Limited

MINE: NZO: Matuku-1 weekly progress report

As at 6.00AM Sunday, 29 December, the Matuku-1 well in PEP 51906 offshore
Taranaki had been drilled to 3167 metres after setting 13 3/8" casing at 1494
metres.

A cement plug has been set across suspected debris at the base of the well
and the next activity is to drill a 12 1/4" sidetrack hole to 3400 metres and
set 9 5/8" casing.

The Kan Tan IV began drilling operations on Saturday, 30 November. Matuku-1
is in 130 metres of water.

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
+64 21 570 872
End CA:00245722 For:NZO    Type:MINE       Time:2013-12-30 09:52:30