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NZO
20/05/2014 12:08
MINE
REL: 1208 HRS New Zealand Oil and Gas Limited
MINE: NZO: Pateke-4H Weekly Update
The Pateke-4H well in PEP 38158, offshore Taranaki, has been successfully
completed and suspended for production at a later date, the operator has
advised.
Production from Pateke-4H is planned for the first half of 2015 following the
installation and commissioning of a sub-sea flow-line and ancillary control
equipment connecting the well to the Tui Field gathering system. This work is
scheduled to begin in the first quarter of 2015.
Preparations are being made to relocate the Kan Tan IV semi-submersible
drilling rig to the northeast of the Tui field to the Oi-1 exploration well
location.
On current planning Oi-1 is expected to commence drilling during the last
week of May. The operator will make a further announcement then. New Zealand
Oil & Gas advises it's aware the other joint venture partner, Pan Pacific
Petroleum, has released its estimate of prospective resources at Oi.
New Zealand Oil & Gas has a 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%
AWE and New Zealand Oil & Gas are participating in the Oi well at reduced
equities of 31.25 per cent and 18.75 per cent respectively, with the option
to restore their full equities in any development subject to their
reimbursement of pro-rata costs and payment of a buy-back premium.
John Pagani
External relations Manager
+64 21 570 872
End CA:00250663 For:NZO Type:MINE Time:2014-05-20 12:08:04
