NZOG (New Zealand Oil & Gas Ltd) advises that the Kan Tan IV drilling rig,
having spudded the Hoki-1 exploration well on 5 March, is currently running
13 3/8 inch casing, having drilled to 1505 metres.
The Hoki-1 well is located in exploration permit PEP 38401 in the offshore
Taranaki Basin.
It lies approximately 135 kilometres west of New Plymouth and in water depth
of approximately 330 metres.
Hoki-1 is targeting the oil potential of the Cretaceous North Cape reservoir
sequence and the underlying Wainui sandstones. The well is planned to be
drilled to a total depth of approximately 3,570 metres.
Immediately following the Hoki-1 well, the Kan Tan IV will be used to drill
at least two wells in the area surrounding the existing oil fields at Tui,
where NZOG is a 12.5% partner.
Participants in Hoki-1 and PEP 38401 are:
AWE (Operator) 50%
New Zealand Oil & Gas Ltd (through its subsidiary Petroleum Resources Ltd)
10%
OMV New Zealand Pty Ltd 21.25%
Todd Petroleum Mining Company Ltd (Todd Energy) 18.75%
End CA:00192359 For:NZO Type:MINE Time:2010-03-11:11:51:42