OMV Completes Kiwi Appraisal Well

Austria's OMV reported Monday that it has completed its Manaia-2A appraisal well offshore New Zealand. The well is located within the Maari field, which is located some 50 miles off the coast of South Taranaki.

OMV said the well, drilled to a depth of 9,485 feet, reached its target in the North Cape Formation and intersected oil-bearing sands in the Moki and Mangahewa formation, although it failed to discover hydrocarbons in the exploration target of the Farewell formation.

OMV New Zealand Managing Director Peter Zellinger commented in a company statement:

"While the Mangahewa formation is already developed and producing from the Manaia-1 well, finding oil bearing sands in the Moki formation to that extent was a bit unexpected."

"Oil and water samples together with sidewall cores have been obtained from the Moki formation and will now be interpreted to evaluate the potential and further work required."

OMV New Zealand is the operator of the license, with a 69-percent interest.

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