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Kan Tan IV Mobilizes for Taranaki Basin Drilling Campaign

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Australia's Cue Energy Resources Limited reported that the Kan Tan IV semi-submersible drilling rig has been loaded onto a heavy lift vessel in preparation for transport to the Taranaki Basin off New Zealand. On arrival, the rig will commence a multiple well drilling campaign in which Cue will participate through its Maari and PEP 51313 Joint Ventures.

The first well, Manaia-2, is due to spud in the second half of August and will appraise reservoir units in the Moki and Farewell Formations which are not yet under development. Cue has a 5 percent interest in the well.

The rig will be used later in the program to drill a well on the Whio prospect located approximately 3.7 miles (6 kilometers) south of the Maari Field in PEP 51313. It is anticipated that Whio will be drilled in the first quarter of 2014. Cue will be carried through the drilling of the Whio well through a farmout agreement with OMV.

The participants and their respective interests in the PSC are:

  • OMV New Zealand Limited (operator) - 69 percent
  • Todd Exploration Ltd - 16 percent
  • Horizon Oil (New Zealand) Ltd - 10 percent
  • Cue Taranaki Pty Ltd - 5 percent
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