Kan Tan IV Continues Drilling at Whio-1 Well in PEP 51313 Offshore Taranaki
Cue Energy Resources Ltd (Cue) reported Friday that it has been advised by OMV New Zealand Ltd (OMV), the Operator of permit PEP 51313, located offshore Taranaki in New Zealand, that at 08:19 hours (local time) on Friday Aug. 22, the Whio-1 well was at a depth of 8,759 feet (2,670 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 (2,754 meters 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.
Whio-1 is currently being drilled through 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. Preliminary indications suggest the well has intersected reservoir quality sandstones in the targeted formations, which will be assessed in more detail when wireline logs are acquired at Total Depth.
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 at Whio, the participating interests of all partners will be aligned with those of the Maari Joint Venture as 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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