fyi ... SALTY
PRESS ANNOUNCEMENT
30 August 2004
KIWI-1 PROGRESS REPORT
New Zealand Oil & Gas advises that at 6am NZ time today, Kiwi-1 was at a
depth of 3000m and pulling out of the hole for a bit change.
The main objective, the Kapuni F Sand, is expected at about 3700m, and the
deeper Cretaceous target at about 4100m.
It is expected that the well will take about a week to reach total depth of
4250m.
New Zealand Oil & Gas holds a 12.5% interest in PEP38460 through subsidiary
Stewart Petroleum Company Limited.
Other participants in the venture are New Zealand Overseas Petroleum Limited
(operator) 45%; WM Petroleum Limited (a wholly owned subsidiary of Pan
Pacific Petroleum N.L.)10%; AWE New Zealand Pty Ltd 20%; and Mitsui E&P New
Zealand Limited 12.5%.
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