Kan Tan IV Finds No Major Gas, Oil Shows at Matuku-1 in PEP 51906

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.



Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit www.riglogix.com.

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Completions Supervisor
Expertise: Drilling Foreman / Drilling Supervisor|Production Engineering|Workover or Completion
Location: Watkins, CO
Drilling Supervisor
Expertise: Drilling Foreman / Drilling Supervisor
Location: Houston, TX
Tool Pusher
Expertise: Field Service Tech|Toolpusher|Well Servicing & Testing
Location: Hobbs, NM
search for more jobs

Brent Crude Oil : $59.02/BBL 3.79%
Light Crude Oil : $52.22/BBL 3.07%
Natural Gas : $2.92/MMBtu 1.31%
Updated in last 24 hours