New Zealand Oil & Gas Says Kiwi-1 a Duster

New Zealand Oil and Gas Limited advises that Kiwi-1 has reached total depth of 4238m.

No zones of commercial interest were encountered within the North Cape Formation secondary target.

This year's four well program in PEP 38460 is now complete, with finds at Amokura and Pateke adding to last year's discovery at Tui.

These finds have established a reserve base which is now under consideration for near term development.

In addition, the Joint Venture will be further assessing the many targets already identified in the license area for future drilling.

Other participants in the venture are New Zealand Overseas Petroleum Limited (operator) 45%; WM Petroleum Limited (a wholly owned subsidiary of Pan Pacific Petroleum N.L.) 10%; AWE New Zealand Pty Ltd 20%; and Mitsui E&P New Zealand Limited 12.5%.