Indo-Pacific Drills Duster in New Zealand

Indo-Pacific reports that the Wawiri-1 well located in the Taranaki Basin in New Zealand is now being plugged and abandoned. The well was drilled to 4,400 feet without encountering significant hydrocarbons. The South Pacific Drilling rig is now being prepared for the move to the Bluff-1 wellsite in PEP 38746; and that well will commence in the next few days.

The Wawiri-1 well was drilled to investigate the hydrocarbon potential of the Mt. Messenger sands in a shallow tilted fault block. Wireline logging confirmed that the sands were poorly developed and were water-bearing.

Joint Venture Participants in PEP 38753 are: Indo-Pacific as operator with 30%; Tap Oil with 25%; Magellan Petroleum with 25% and Krystal Corporation with the remaining 20%.