OMV New Zealand Contracts Jackup ENSCO 107 to Drill at Maari

Cue Energy Resources revealed Monday that the jackup, ENSCO 107, has been contracted by OMV New Zealand, the operator of the Maari joint venture, to complete a planned multi-well drilling campaign at the Maari Field.

"Significant undeveloped reserves remain at Maari and Manaia and additional drilling and enhancement of the water injection system will provide for the extraction of these reserves and increase production rates," Cue said in a statement.

The rig is expected to arrive on site in the offshore Taranaki Basin in the fourth quarter of this year, with the exact start date of drilling operations dependent on when the rig is available following its prior assignment. The Maari programme is expected to last nine months with the option to extend.

The multi-well programme at Maari will run in parallel to a drilling programme using the semi- submersible rig Kan Tan IV that was announced late last year. That programme includes a Manaia appraisal well and an exploration well on the Whio prospect in permit PEP 51313. Under the terms of a farm-in agreement concluded in November 2012, OMV will fully carry Cue through the drilling, evaluation and completion of the Whio well. If successful this well will also be produced through the Maari facilities.

Participants in PMP 38160 are: Cue Taranaki (5%), Horizon Oil International (10%), Todd Maari (16%) and OMV New Zealand (69%).


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