New Zealand Oil & Gas Ltd., revealed Tuesday that as at 6.00 am Monday, Dec. 9 the Matuku-1 well in Petroleum Exploration Permit (PEP) 51906 offshore Taranaki Basin, New Zealand has been drilled to 4,921 feet (1,500 meters).
The next activity is running the 13.375 inch casing string.
The Kan Tan IV (mid-water semisub) began drilling operations on Saturday, Nov. 30. Matuku-1 is in 426 feet (130 meters) of water. It is expected to take 45 days to drill to a depth of feet 15,583 feet (4,750 meters).
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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