NZO
01/07/2014 09:05
MINE
REL: 0905 HRS New Zealand Oil and Gas Limited
MINE: NZO: Oi-2 weekly progress report
At 6.00AM today the Oi-2 well in Petroleum Mining Permit 38158, offshore
Taranaki, New Zealand, was at a measured depth of 1,505 metres, the operator
has advised.
The 9 5/8" casing string has been installed and cemented at a depth of 1,487
metres. Preparations are underway to commence drilling ahead to the primary
objective, the F10 sandstones anticipated at 3,690 metres.
Well costs have been adversely impacted by winter weather conditions in the
offshore Taranaki Basin. The total cost of the Oi-1 and Oi-2 wells is now
estimated at US$50.9 million (New Zealand Oil & Gas share US$9.54 million),
which includes a contingent provision for weather downtime.
Oi is about 37 kilometres off the coast of Taranaki, New Zealand, in about
120 metres of water.
The joint venture partners in the Oi exploration well are:
AWE Limited: 31.25% (Operator).
Pan Pacific Petroleum: 50%
New Zealand Oil & Gas (through subsidiary): 18.75%.
The Joint Venture partners in PMP 38158 are:
AWE Limited (Operator) 57.5%
New Zealand Oil & Gas (via subsidiaries) 27.5%
Pan Pacific Petroleum (via subsidiaries) 15%
John Pagani
External Relations Manager
+64 21 570 872
End CA:00252276 For:NZO Type:MINE Time:2014-07-01 09:05:50
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