AWE Spuds Taranui-1
AWE Ltd ("AWE") reports that at 0600 hours today, the Taranui-1 well was cementing 30" casing at a depth of 227 meters, after starting drilling operations at 0630 hours on August 20, 2007.
During the week, the Hector-1 was plugged and abandoned and the Ocean Patriot rig was moved to the Taranui-1 location in PMP 38158.
The Taranui prospect is located in PMP 38158, approximately 15 kilometers north east of the Tui Area Oil Project. Taranui -1 is being drilled in a water depth of 121 meters and has the potential to contain in excess of 15 million barrels of recoverable oil. The well has a planned total depth of approximately 3,900 meters.
Participants in PMP 38158 are:
AWE * (Operator) 42.5% Mitsui E & P New Zealand Limited 35.0% Stewart Petroleum Company Ltd 12.5% ("New Zealand Oil & Gas") WM Petroleum Ltd 10.0% ("Pan Pacific Petroleum NL") * New Zealand Overseas Petroleum Pty Ltd (22.5%) AWE New Zealand Pty Limited (20.0%)
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