Kan Tan IV Resumes Drilling at Manaia-2 Well in PEP 38160

Australia's Cue Energy Resources Ltd. (Cue) announced Friday that the Manaia-2 well offshore New Zealand is at a depth of 2,473.7 feet (754 meters) measured depth below rotary table (MDRT) at 0600 hours local time Sept. 13. Current operations are preparing to run and cement the 13.375 inch casing. Since the last report, adverse weather conditions caused the suspension of operations for a significant period of time and drilling of the 16 inch hole section did not commence until Sept. 10. Following the current operation the blowout preventer (BOP) will be run prior to commencement of drilling the 12.5 inch hole section.

Manaia-2 is located in Petroleum Mining Permit (PEP) 38160 in the offshore Taranaki Basin. The well is operated by OMV New Zealand Ltd. and is being drilled from the Kan Tan IV (midwater semisub).

The well is located 0.78 miles (1.25 kilometers) north of Maui-4 (which discovered the Manaia field) and 3.73 miles (6 kilometers) to the southwest of the Maari field well head platform, The well has a planned total depth of 9,350 feet (2,850 meters) and drilling is expected to take about 30 days. The undeveloped Moki and Farewell Formation reservoirs that will be appraised by Manaia-2 have the potential to add 11 million barrels of gross reserves to the Manaia field.

Cue will provide weekly progress reports during the drilling of Manaia-2.

Participating interests in PMP 38160 are as follows:

  • Cue Taranaki Pty Ltd. - 5 percent
  • Horizon Oil International Ltd.(a subsidiary of Horizon Oil Ltd.) - 10 percent
  • Todd Maari Ltd. - 16 percent
  • OMV New Zealand Ltd. - 69 percent (Operator)

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