FYI .. SALTY. Bonus Target announced.
MINE: NOG: DUAL TARGETS FOR KIWI WELL
PRESS ANNOUNCEMENT
23 August 2004
DUAL TARGETS FOR KIWI WELL
New Zealand Oil & Gas advises that drilling of the Kiwi-1 exploration well
commenced on 22 August. At 6am today, the well was at 222m .
The main drilling objective is the Kapuni F Sand, expected to be at about
3700m depth, in which oil has already been discovered in the nearby Tui,
Amokura and Pateke wells.
The Kiwi-1 well is programmed to then drill deeper, to 4250m, to intersect
the North Cape Formation. It is possible that substantial "stratigraphic"
trap could be present in this deeper zone.
It is expected that the well will take about two weeks to drill.
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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