Kan Tan IV expected to drill Matuku in September

Posted on 20 May 2013

A likely start date has been confirmed for drilling in the Matuku prospect in PEP 51906 off Taranaki where New Zealand Oil & Gas holds a 12.5 per cent interest.

The permit's operator, OMV, has advised that the semi-submersible rig Kan Tan IV is expected to begin drilling in mid-September. The well is expected to take 40 days to drill to a target depth of 4756 metres.

The operator has publicly estimated mean recoverable resource for the prospect at around 65 million barrels.

Participants in PEP 51906 are: OMV New Zealand (Operator) 65 per cent; Octanex 22.5 per cent; and New Zealand Oil & Gas 12.5 per cent. If Matuku-1 is successful, New Zealand Oil & Gas has an option to acquire a further 5 per cent of Octanex's share, which would equalise each company's interest at 17.5 per cent.

Attachment: News Release