Hector-1 to be Abandoned

New Zealand Oil & Gas Limited says that the Hector-1 well has reached its total measured depth of 3,825 meters. The well did not encounter any significant hydrocarbon shows. Wireline logs are currently being run to further evaluate the reservoir intervals, after which the well will be plugged and abandoned.

Hector-1 was the first of two exploration wells to be drilled by NZOG in the offshore Taranaki basin this year. After Hector-1, the Taranui-1 well will be drilled.

Participants in the well are New Zealand Oil & Gas Ltd (through its subsidiary Stewart Petroleum Co. Ltd) with 18.9%; Australian Worldwide Exploration Limited as operator with 44.3%; Mitsui E & P New Zealand Ltd with 22.7% and Pan Pacific Petroleum NL (through its subsidiary WM Petroleum Ltd) with 14.1%.

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