Octanex N.L., an Australia-based exploration company, disclosed Tuesday that it has been advised by OMV New Zealand Limited, the Operator of the Matuku-1 exploration well that has been drilled in the offshore Taranaki Basin permit PEP 51906, that at 06:00 hours (NZST) Tuesday, Jan. 21, the well was at its total depth (TD) of 14,130 feet (4,307 meters) MDRT (measured depth below rotary table) and carrying out wireline logging operations.
Since the last progress report Jan. 16, the 8.5 inch section has been drilled from 14,130 feet (4,307 meters) MDRT to TD. On-going operations are to complete the wireline logging and then plug and abandon the well as planned.
Matuku-1 is a vertical well that is being drilled by the Kan Tan IV (mid-water semisub) in water depths of 426 feet (130 meters). The company's wholly-owned subsidiary, Octanex NZ Limited, holds a 22.5 percent participating interest in the PEP 51906 permit and this interest is being free carried by OMV through the drilling of Matuku-1 well.
The participants in the PEP 51906 permit and its Joint Venture are:
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