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

New Zealand Oil & Gas Ltd. disclosed Monday that as at 06:00 am Sunday, Dec. 29, the Matuku-1 well in Petroluem Exploration Permit (PEP) 51906 offshore Taranaki Basin, New Zealand had been drilled to 10,390 feet (3,167 meters) after setting 13.375 inch casing at 4,901 feet (1,494 meters).

A cement plug has been set across suspected debris at the base of the well and the nex activity is to drill a 12.25 inch sidetrack hole to feet 11,154 feet (3,400 meters) and set 9.625 inch casing.

The Kan Tan IV (mid-water semisub) began drilling operations Saturday, Nov. 30. Matuku-1 is in 426 feet (130 meters) of water.

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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