Cue Reports that Drilling Continues at Whio-1 Well in NZ's Taranaki Basin

Cue Energy Resources Ltd (Cue) disclosed Monday that it has been advised by OMV New Zealand Ltd (OMV), the Operator of permit PEP 51313 offshore Taranaki in New Zealand, that at 07:30 hours (local time) Aug. 15, the Whio-1 well was at a depth of 5,190 feet (1,582 meters) measured depth rotary table (MDRT) in 12.25 inch hole, and is drilling ahead towards the planned total depth of 9,445 feet (2,879 meters) MDRT (9,035 feet or 2,754 meters total vertical depth rotary table or TVDRT).

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 well-head platform.

Cue has been advised by the Operator that the upper reservoir objectives (Whio A, M2A, and Upper Moki) at Whio are water-bearing. Whio-1 is currently being drilled towards the deeper reservoir objectives, of which the Mangahewa Formation is the primary target, and which is oil bearing in the Maari Field. The secondary lower reservoir objectives are the Kaimiro and Farewell formations. Success in the remaining objectives at Whio will open additional exploration potential along the Tasman Ridge to the south of Maari, including the Matariki prospect.

Cue is free-carried by OMV in the drilling and completion of Whio-1 under the terms of a farmout agreement signed in December 2012. In the event of a commercial discovery in the Whio area, 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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