New Zealand Oil & Gas Ltd. revealed Tuesday since the weekly progress report was issued Monday, the Matuku-1 well in petroleum exploration permit (PEP) 51906 offshore Taranaki, New Zealand has drilled into the Kapuni Group Farewell Sands at 12,910 feet (3,935 meters).
The F Sands were found to be porous, but there were no significant gas or oil shows.
The well is continuing to drill ahead to a total depth of 15,597 feet (4,754 meters). Drilling will be followed by wireline logging.
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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