Acquisition of Mohua 2D Seismic Survey Completed

Octanex N.L. has been advised by OMV New Zealand Limited (OMV), the Operator of the offshore Taranaki Basin permit PEP 53537, that the planned new 2D seismic survey, named Mohua, has been acquired.

OMV has confirmed the survey vessel, “Aquila Explorer”, started acquisition of the Mohua survey on Saturday, 19 April 2014. After experiencing weather delays both prior to start up and during acquisition, the survey was completed at 9:00 am NZT on April 22.

The survey was shot using an eight kilometre streamer and acquired 203.65 km of new 2D seismic data within and adjacent to the Permit.

This new seismic survey fulfils the Permit’s Year 3 work programme; which is to acquire a minimum of 200 km of new 2D data.

The Mohua survey is designed to define leads and prospects in the vicinity of the Kahurangi Trough, with the survey grid acquiring new 2D data over the main leads in the Permit, Mohua, Mohuaiti and Mohuanui.

It also provides ties lines to the recently drilled Matuku-1 well and the Hector and Matuku 3D seismic surveys previously acquired in the Permit and in PEP 51906 respectively.

The Company’s wholly-owned subsidiary, Octanex NZ Limited, holds a 35% participating interest in the Permit.

Press Release, April 22, 2014