OMV Completes 2D Seismic Survey in PEP 53537 in Offshore Taranaki Basin

Octanex N.L. announced Tuesday that the company has been advised by OMV New Zealand Limited (OMV), the Operator of the offshore Taranaki Basin permit PEP 53537 (Permit), that the planned new 2D seismic survey, named Mohua, has been acquired in the Permit.

OMV has confirmed the survey vessel, "Aquila Explorer", commenced acquisition of the Mohua survey on Saturday, April 19. After experiencing weather delays both prior to commencement and during acquisition, the survey was completed at approximately 9:00 am NZT today, Tuesday, April 22.

The survey was shot using a 4.97 mile (8 kilometer) streamer and acquired 126.5 miles (203.65 kilometers) of new 2D seismic data within and adjacent to the Permit.

This new seismic survey fulfils the Permit's Year 3 work program, which is to acquire a minimum of 124.2 miles (200 kilometers) of new 2D data.

The Mohua survey is designed to define leads and prospects in the vicinity of the Kahurangi Trough, with the survey grid acquiring new 2D data over the main leads in the Permit, Mohua, Mohuaiti and Mohuanui. It also provides ties lines to the recently drilled Matuku-1 well and the Hector and Matuku 3D seismic surveys previously acquired in the Permit and in PEP 51906 respectively.

The Company's wholly-owned subsidiary, Octanex NZ Limited, holds a 35 percent participating interest in the Permit.

The participants in the PEP 53537 permit and its Joint Venture are:

  • OMV New Zealand Limited: 65 percent
  • Octanex NZ Limited: 35 percent

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