Hoki Well more than halfway to target zone 14 April 2010
Partner NZOG (New Zealand Oil & Gas Ltd) reported on the progress of the Hoki-1 exploration well on Monday.
The Kan Tan IV drilling rig resumed operations last week, having previously drilled to 1,505 metres and set casing. At 0600 hours on Monday, the well was at a measured depth of 2,132m and was drilling ahead.
The Hoki-1 well is in exploration permit PEP 38401 in the offshore Taranaki Basin.
It lies about 135 kilometres west of New Plymouth and in water depth of about 330m.
Hoki-1 is targeting the oil potential of the Cretaceous North Cape reservoir sequence and the underlying Wainui sandstones. The well is planned to be drilled to a total depth of about 3,570m.
Participants in Hoki-1 and PEP 38401 are: AWE Ltd (Operator) 50%, New Zealand Oil & Gas Ltd (through subsidiary Petroleum Resources Ltd) 10%, OMV New Zealand Pty Ltd 21.25%, Todd Petroleum Mining Company Ltd (Todd Energy) 18.75%.
AWE Price at posting:
$2.84 Sentiment: Buy Disclosure: Held
