AWE Limited disclosed Wednesday that at 03:15 hours today (New Zealand Daylight Time) the handover of the Kan Tan IV (mid-water semisubmersible) to AWE, as Operator of the PMP 38158 joint venture, was completed and that the rig is moving into position in preparation for drilling the Pateke-4H development well in the offshore Taranaki Basin, New Zealand.
The Pateke-4H development well is the first of a two well drilling program in PMP 38158, located in the offshore Taranaki Basin, New Zealand. Pateke-4H will target a mapped northern extension of the currently producing Pateke field. The well will be drilled in water depth of approximately 406 feet (124 meters) with a planned total measured depth of 17,588 feet (5,361 meters), including a 4,173 feet (1,272 meters) horizontal section.
AWE estimates that Pateke-4H could increase field recovery by approximately 2.5 million barrels (gross). If successful, the well will be completed in preparation for a subsequent subsea tie-back to the Tui FPSO (floating storage, production and offloading) for production.
Following the drilling and completion of Pateke-4H, the Kan Tan IV drill rig will relocate to a location approximately 8 miles (13 kilometers) to the northeast of the Tui field and drill the Oi exploration well.
The Joint Venture partners in PMP 38158 are:
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