NZO new zealand oil & gas ltd ordinary shares

Ann: MINE: NZO: Pateke-4H to be sidetracked

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    					NZO
    18/03/2014 12:24
    MINE
    
    REL: 1224 HRS New Zealand Oil and Gas Limited
    
    MINE: NZO: Pateke-4H to be sidetracked
    
    The operator of the Pateke-4H well in the Tui oil fields offshore Taranaki
    was preparing to sidetrack a short section of lower wellbore at 6.00 this
    morning NZDT.
    
    Mechanical drill string difficulties experienced in the original hole, and
    advised last week, were unable to be fully resolved. The lower part of the
    hole has been abandoned.
    
    It is now proposed to sidetrack with a 12 1/4 inch drilling assembly from a
    measured depth of 3,375 metres, drill into the F10 reservoir at a horizontal
    angle of approximately 90 degrees, and then set the 9 5/8 inch casing at
    approximately 4,110 metres as planned.
    
    The well will then be drilled horizontally through the F10 reservoir to a
    total measured depth of 5,361 metres.
    
    The Kapuni F10 sandstone objective has already been intersected as expected
    with oil shows and real time logging measurements indicating the likely
    presence of an oil bearing reservoir. The operator describes this as "very
    encouraging", however the commercial significance of the oil shows will not
    be clear until the horizontal drilling has been completed.
    
    Pateke-4H is a northern extension of the existing Pateke reservoir in the
    producing Tui area oil fields in PMP 38158, approximately 50 kilometres off
    the coast of Taranaki, New Zealand, in water depth of about 124 metres.
    
    New Zealand Oil & Gas has 27.5 per cent interest in Tui. The other Tui joint
    venture partners are:
    
    AWE Limited (via subsidiaries) (Operator) 57.5%
    Pan Pacific Petroleum (via subsidiaries) 15.0%
    
    John Pagani
    External Relations Manager
    +64 21 570 872
    End CA:00248351 For:NZO    Type:MINE       Time:2014-03-18 12:24:20
    				
 
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