AWE Limited, as Operator of Petroleum Mining Permit 38158 offshore Taranaki, New Zealand, reports that the Oi-2 exploration well reached TD at a measured depth of 3,908 metres at 20:45 hours (8.45pm) NZDT on Monday 7 July 2014.
The well intersected the primary target Kapuni F10 sands and underlying secondary targets. No significant oil shows were encountered and real-time well data indicated that the reservoir is water bearing. Preparations are being made to plug and abandon the well.
The Oi-2 exploration well is located approximately 12 kilometres northeast of the Tui Area Oil Fields in water depth of approximately 120 metres.
The Joint Venture partners in PMP 38158 are: AWE Limited (via subsidiaries) (Operator) 57.50%; New Zealand Oil & Gas (via subsidiaries) 27.50%; Pan Pacific Petroleum (via subsidiaries) 15.00%.
The Joint Venture partners in the Oi-2 exploration well are: AWE Limited (via subsidiaries) (Operator) 31.25%; New Zealand Oil & Gas (via subsidiaries) 18.75%; Pan Pacific Petroleum (via subsidiaries) 50.00%.