Matuku-1 weekly progress report December 10

Posted on 10 December 2013

The next activity is running the 13 3/8” casing string. The Kan Tan IV began drilling operations on Saturday, 30 November. Matuku-1 is in 130 metres of water. It is expected to take 45 days to drill to a depth of 4750 metres.

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, either New Zealand Oil & Gas or Octanex may exercise an option for New Zealand Oil & Gas 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