AWE Reports No Significant Oil Shows at Oi-2 Well in PMP 38158 Off Taranaki

AWE Limited, as Operator of Petroleum Mining Permit 38158 offshore Taranaki, New Zealand, reported Tuesday that the Oi-2 exploration well reached total depth (TD) at a measured depth of 12,821 feet (3,908 meters) at 20:45 hours (8.45pm) NZDT Monday July 7. The well intersected the primary target Kapuni F10 sands and underlying secondary targets. No significant oil shows were encountered and real time well data indicated that the reservoir is water bearing. Preparations are being made to plug and abandon the well.

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 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 percent

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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