OMV Spuds Whio-1 Exploration Well in PEP 51313 Offshore Taranaki

Cue Energy Resources Ltd. (Cue) reported Thursday that it has been advised by OMV New Zealand Ltd. (OMV), the Operator of permit PEP 51313, that the Whio-1 exploration well spud at 21:45 hours (local time) July 23. The rig came on contract July 19 and was towed 24.8 miles (40 kilometers) from the previous location arriving at the Whio location July 20.

Whio-1 is being drilled from the Kan Tan IV (mid-water semisub) at a surface location 68.3 miles (110 kilometers) south-west of New Plymouth, Taranaki, New Zealand and 2.8 miles (4.5 kilometers) south-east of the Maari wellhead platform. The well has a planned total depth of 9,445 feet (2,879 meters) measured depth below rotary table or MDRT (9,035 feet or 2,754 meters total vertical depth rotary table or TVDRT) and the well path will be deviated northwards from the surface location to avoid possible shallow drilling hazards above the subsurface targets.

The primary reservoir objectives at Whio are the M2A Sandstone and Mangahewa Formation which are oil bearing in the Maari Field. Secondary reservoir objectives are the Moki, Kaimiro and Farewell formations. Cue’s assessment of Whio indicates mean unrisked prospective resources of 18 million barrels of oil (100 percent basis). The close proximity of Whio to existing production infrastructure at the Maari Field provides potential opportunities for early development of any discovered petroleum. A successful well at Whio will open additional exploration potential along the Tasman Ridge to the south of Maari, including the Matariki prospect.

Cue will be free-carried by OMV in the drilling and completion of Whio-1 under the terms of a farm-out agreement signed in December 2012. In the event that one or more hydrocarbon pools are developed at Whio, the participating interests of all partners will be aligned with those of the Maari Joint Venture as follows:

  • Cue Taranaki Pty Ltd: Whio Current Interest - 14 percent; Whio Production Interest - 5 percent
  • OMV New Zealand (Operator): Whio Current Interest - 30 percent; Whio Production Interest - 69 percent
  • Todd Exploration Ltd: Whio Current Interest - 35 percent; Whio Production Interest - 16 percent
  • Horizon Oil (New Zealand) Ltd (a subsidiary of Horizon Oil): Whio Current Interest - 21 percent; Whio Production Interest - 10 percent

Cue will provide weekly progress reports during the drilling of Whio-1.

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