NZOP Drilling Ahead on Pukeko-1 Offshore New Zealand

AWE reports that the Pukeko-1 well was preparing to run 13 3/8" casing at a measured depth of 1,505 meters. Progress for the week is 1,505 meters.

Pukeko-1 is an exploration well located approximately 70 kilometers south of the Tui and Amokura oil fields and approximately 30 kilometers west of the undeveloped Maari oil field. Pukeko-1 is targeting oil in the Kapuni "C", "D" and "F" sand reservoirs, each with potential reserves in excess of 80 million barrels.

On a "trouble-free" basis, the well is estimated to take a further 16 days to reach its planned total depth of approximately 4,200 meters.

Pukeko-1 is the second well in AWE's current exploration program in the offshore Taranaki Basin. The first well, Amokura-1, was cased and suspended as a potential future oil production well.

Participants in PEP 38460 are New Zealand Overseas Petroleum as operator with 45%; AWE with 20%; Mitsui with 12.5%; Stewart Petroleum with 12.5%; and WM Petroleum with 10%.