Todd Energy Plugs Terrace-1 Well

The Terrace-1 well, drilled by Todd Energy over the last six weeks near the New Plymouth airport, is being plugged and abandoned due to lack of a commercially viable hydrocarbon accumulation, exploration manager Ken Hoolihan said. The well was directionally drilled from land to a total depth of 4847 m to test the Terrace prospect, located approximately 2 km offshore within Petroleum Exploration Permit 38459.

Mr. Hoolihan said Todd Energy was pleased with the excellent performance of contractors on the project and the first class relationships with all at New Plymouth airport.