Drilling Underway at Matuku-1 Well in PEP 51906 in Taranaki Basin

New Zealand Oil & Gas Ltd. revealed Monday that the operator has informed the company that drilling is underway at the Matuku-1 well in Petroleum Exploration Permit (PEP) 51906 offshore Taranaki Basin, New Zealand.

New Zealand Oil & Gas holds a 12.5 percent interest in the well.

The Kan Tan IV (mid-water semisub) began drilling operations at 1.50 pm Saturday, Nov. 30. Matuku-1 is in 426 feet (130 meters) of water. It is expected to take 45 days to drill to the projected target depth of about 15,583 feet, or 4,750 meters (measured depth below rotary table).

The Matuku prospect lies south of the producing Tui oil fields and west of the Maui gas field. The well targets the F Sands reservoir sandstones of the Kapuni Group. Secondary targets are sandstones of the Kapuni Group D Sand and Pakawau Group North Cape Formation.

The Kan Tan IV is a semisubmersible rig operated by Frigstad Offshore Limited. The rig was previously deployed successfully in Petroleum Mining Permit (PMP) 38160 (Manaia).

Participants in PEP 51906 are OMV New Zealand (Operator) 65 percent; Octanex 22.5 percent; and New Zealand Oil & Gas 12.5 percent.

If Matuku-1 is successful, either New Zealand Oil & Gas or Octanex may exercise an option for New Zealand Oil & Gas to acquire a further 5 percent of Octanex's share, which would equalize each company's interest at 17.5 percent.



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