Octanex N.L., an Australia-based exploration firm, reported Tuesday that it has been advised by OMV New Zealand Limited, the Operator of the Matuku-1 exploration well being drilled in the offshore Taranaki Basin permit PEP 51906 in New Zealand, that at 06:00 hours (NZST) Tuesday, Dec. 24, the well was at a depth of 10,390 feet (3,167 meters) MDRT (measured depth below rotary table) and preparing to drill ahead in the 12.25 inch hole.
Planned operations over the coming week are to complete the 12.25 inch hole section, run and cement in the 9.625 inch casing string and then carry out a leak-off test prior to drilling the 8.5 inch hole through the zones of interest.
The well is targeting the hydrocarbon potential of the Kapuni Group Farewell Formation F sandstone reservoir (T10 sands); with sandstones of the Kapuni Group Kaimiro Formation D Sand (T20 sands) and Pakawau Group North Cape Formation (K90) being secondary targets.
Matuku-1 is programmed as a vertical well that is being drilled by the Kan Tan IV (mid-water semisub) in water depths of approximately feet 426 feet (130 meters). The Operator currently intends drilling the well to a total depth (TD) of 15,583 feet (4,750 meters) MDRT.
Matuku-1 is scheduled to take 45 days to drill to TD and then abandon.
The Company's wholly-owned subsidiary, Octanex NZ Limited, holds a 22.5 percent participating interest in the PEP 51906 permit and this interest is being free carried by OMV through the drilling of the Matuku-1 well.
The participants in the PEP 51906 permit and its Joint Venture are:
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