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OMV to Drill Matuku-1 Well in PEP 51906 in Taranaki Basin Shortly

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Australia-based exploration company Octanex N.L. announced Monday that OMV New Zealand Limited (OMV), the Operator of the Joint Venture exploring PEP 51906 (Permit) in New Zealand's offshore Taranaki Basin, has advised the Company that the Matuku-1 well is due to spud within the next 5 days, most likely on Friday, Nov. 22.

The Permit is located in the offshore Taranaki Basin of New Zealand, where the Company's wholly-owned subsidiary, Octanex NZ Limited (Octanex NZ), also holds varying participating interests in three other permits.

Octanex NZ holds a 22.5 percent participating interest in the Permit; with OMV holding a 65 percent interest and New Zealand Oil & Gas Limited (NZOG) the remaining 12.5 percent interest. OMV acquired its 65 percent interest as a result of farming into Octanex NZ's then 100 percent interest in the Permit; while NZOG purchased its 12.5 percent interest from Octanex NZ in November 2012.

As part of its original farmin arrangements, OMV agreed that Octanex NZ would be free carried through all phases of a 3D seismic survey and the first well drilled in the Permit. Matuku-1 will be that free carried well and it will fulfil the Permit's work program requirement to drill an exploration well by March 18, 2014.

Matuku-1 is programmed as a vertical well to be drilled by the Kan Tan IV (mid-water semisub) in water depths of approximately 426 feet (130 meters). Dependent upon the results while intersecting the zones of interest, the well will be drilled to a potential total depth (TD) of approximately 15,584 feet (4,750 meters) MDRT (measured depth below rotary table). Matuku-1 is scheduled to take 45 days to drill to TD and then abandon.

The Kan Tan IV is capable of operating in water depths up to 1,476 feet (450 meters) and drilling to depths of approximately 24,934 feet (7,600 meters). The rig is a mobile offshore drilling unit (MOPU) operated by Frigstad Offshore Ltd., a company providing management services for offshore drilling rigs, the Kan Tan IV semisubmersible.

The handover of the rig to the PEP 51906 Joint Venture is currently scheduled to take place Nov. 19, with OMV taking the rig from the joint venture that recently completed drilling the Manaia-2/2A well in the adjoining PMP 38160 permit.


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