Adverse Weather Raises Oi-2 Well Drilling Costs in PMP 38158 Offshore NZ

AWE Limited, as Operator of Petroleum Mining Permit 38158 offshore Taranaki, New Zealand, reported Tuesday that, as at 06:00 hours (6.00am) NZDT today, the Oi-2 exploration well was at a measured depth of 4,937 feet (1,505 meters).

The 9.625 inch casing string has been installed and cemented at a depth of 4,878 feet (1,487 meters). Preparations are underway to commence drilling ahead to the primary objective, the F10 sandstones anticipated at 12,106 feet (3,690 meters).

Well costs have been adversely impacted by winter weather conditions in the offshore Taranaki Basin, with the total cost of the Oi-1 and Oi-2 wells now estimated at $50.9 million (AWE share $15.9 million), which includes a contingent provision for weather downtime.

The Oi-2 exploration well is located approximately 7.45 miles (12 kilometers) northeast of the Tui Area Oil Fields in water depth of approximately 393 feet (120 meters). The well objective is to evaluate the hydrocarbon potential of a 4-way dip closed structure similar to the producing Tui, Amokura and Pateke fields and is targeting the same F10 reservoir sandstones.

The Oi-2 exploration well will be drilled vertically to a planned total depth of 12,732 feet (3,881 meters) and is forecast to take approximately 40 days to complete.

The Joint Venture partners in PMP 38158 are:

  • AWE Limited (via subsidiaries) (Operator): 57.50 percent
  • New Zealand Oil & Gas (via subsidiaries): 27.50 percent
  • Pan Pacific Petroleum (via subsidiaries): 15.00 perecnt

The Joint Venture partners in the Oi-2 exploration well are:

  • AWE Limited (via subsidiaries) (Operator): 31.25 percent
  • New Zealand Oil & Gas (via subsidiaries): 18.75 percent
  • Pan Pacific Petroleum (via subsidiaries): 50.00 percent


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