Polarcus Alima Commences Seismic Survey in Taranaki Basin's PEP 51906

Australia's Octanex N.L. disclosed Tuesday that it has been advised by OMV New Zealand Limited (OMV), the Operator of the offshore Taranaki Basin permit PEP 51906 (Permit), that a new 3D seismic survey has commenced in the Permit. OMV has confirmed that the survey vessel is on location, has deployed the cable array and commenced acquiring the 3D seismic survey at approximately 1:30 am NZST today, Tuesday, Jan. 7.

The survey, named Kaka, is planned to acquire approximately 154 square miles (400 square kilometers) of new 3D seismic data from within and adjacent to PEP 51906.

The survey area is situated on a north-east structural trend between the Maui oil and gas field. The objective of the survey is to enable more precise mapping of prospective oil plays in the Palaeocene Farewell Formation and Eocene Mangahewa Formation.

The Kaka survey is being shot by the vessel “Polarcus Alima” using an array of 10 cables, with each cable being 5 miles (8 kilometers) long and spaced 328 feet (100 meters) apart. It is expected the vessel will take 23 days to complete acquisition of the new 3D data.

This new 3D seismic survey will complete and exceed the Year 5 work obligations of the Permit; which are to drill one exploration well and acquire a minimum of 119 square miles (310 square kilometers) of new 3D data. The Matuku-1 exploration well is currently being drilled by the Kan Tan IV (mid-water semisub) in the northeast of the Permit.

The Company’s wholly-owned subsidiary, Octanex NZ Limited, holds a 22.5 percent participating interest in the Permit.

The participants in the PEP 51906 permit and its Joint Venture are:

• OMV New Zealand Limited – 65.0 percent
• Octanex NZ Limited – 22.5 percent
• Australia and New Zealand Petroleum Limited (Subsidiary of New Zealand Oil & Gas Ltd) – 12.5 percent