New Zealand Oil & Gas Works on Abandoning of Oi-2 Well

Operations this morning are continuing to plug and abandon the Oi-2 well in Petroleum Mining Permit 38158, offshore Taranaki, New Zealand.

The next operation will be to abandon Oi-1 prior to releasing the rig.

The well intersected the primary target Kapuni F10 sands and underlying secondary targets last week. No significant oil shows were encountered.

The joint venture partners in the Oi exploration well are: AWE Limited: 31.25% (Operator), Pan Pacific Petroleum: 50%, New Zealand Oil & Gas 18.75%.

The Joint Venture partners in PMP 38158 are: AWE Limited (Operator) 57.5%, New Zealand Oil & Gas 27.5%, Pan Pacific Petroleum 15%.

Press Release, July 15, 2014