Kan Tan IV Continues Work at Matuku-1 Well in PEP 51906 Off NZ

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New Zealand Oil & Gas Ltd., a New Zealand-based exploration and production company, revealed Tuesday that as at 6:00 am Monday, Jan. 6, the Matuku-1 well in PEP 51906 offshore Taranaki, New Zealand had been drilled to 11,210 feet (3,417 meters).

A 9.625 inch casing has been run to 11,184 feet (3,409 meters) and cemented. The current operation is running in 8.5 inch drilling assembly to commence drilling the next section to a planned total depth of 15,597 feet (4,754 meters).

The Kan Tan IV (mid-water semisub) began drilling operations on 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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