Kan Tan IV Completes Drilling at Oi-2 Well in PMP 38158 Offshore Taranaki

Pan Pacific Petroleum (PPP) announced Tuesday that it has been advised by AWE, the operator of petroleum mining permit (PMP) 38158 containing the Oi-2 exploration well which is being drilled by Kan Tan IV (mid-water semisubmersible), that as of 06:00hrs operations are proceeding to plug and abandon Oi-2 located offshore Taranaki, New Zealand after which the rig will then abandon Oi-1 prior to release.

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

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 information contained in this announcement is current as at the date indicated in this release. This report is based on information compiled by Tom Prudence (CEO). Prudence has a BSc (Hons) in Geological Geophysics and an MSc in Petroleum Geology. He is also a Fellow of the Geological Society of London and a member of the Society of Petroleum Engineers (SPE). Prudence has consented in writing to the inclusion of this information in the format and context in which it appears.


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