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14/01/2014 17:08
MINE
REL: 1708 HRS New Zealand Oil and Gas Limited
MINE: NZO: Matuku progress report
Since the weekly progress report was issued yesterday, the Matuku-1 well in
PEP 51906 offshore Taranaki has drilled into the Kapuni Group Farewell F
Sands at 3935 metres.
The F sands were found to be porous, but there were no significant gas or oil
shows.
The well is continuing to drill ahead to a total depth of 4754 metres.
Drilling will be followed by wireline logging.
The Kan Tan IV began drilling operations on Saturday, 30 November. Matuku-1
is in 130 meters 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:00246040 For:NZO Type:MINE Time:2014-01-14 17:08:20
