NZOG Updates on Drilling at Matuku-1 Well offshore Taranaki

New Zealand Oil & Gas Ltd, a New Zealand-based exploration and production firm, reported Monday that the Matuku-1 well in petroleum exploration permit (PEP) 51906 offshore Taranaki, New Zealand has been drilled to 12,837 feet (3,913 meters) as of 6.00 am Sunday, Jan. 12. A 9.625 inch casing string has been set to 11,184 feet (3,409 meters).

The next operation is drilling ahead 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, 2013. 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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