AWE identifies oil presence at Pateke-4H

AWE Limited reports that as at 06:00 hours (6.00am NZDT) today, the Pateke-4H development well, offshore New Zealand, had been drilled to a total measured depth of 4,110 metres and an inclination of 89 degrees.

The primary objective, the Kapuni F sands, has been penetrated on prognosis by the 12 ¼” drilling assembly. Oil shows have been observed by surface monitoring equipment and realtime petrophysical measurements indicate the likely presence of an oil bearing reservoir.

It is now planned to run and cement 9 5/8 inch casing to a measured depth of 4100 metres, following which drilling will continue through the reservoir section to a projected total measured depth of 5,361 metres.

The Pateke-4H development well is in PMP 38158 and AWE is the Operator. Located in the offshore Taranaki Basin, New Zealand, PMP 38158 contains the Tui, Amokura and Pateke fields and has been producing since 2007.

Pateke-4H is targeting a mapped northern extension of the currently producing Pateke field. The well is being drilled in water depth of approximately 124m with a planned total measured depth of 5,361m, including a 1,272m horizontal section. If successful, the well will be completed for subsequent tie-back to the Tui FPSO (“Umuroa”) for production in 2015.

The Joint Venture partners in PMP 38158 are:

AWE Limited (via subsidiaries) (Operator) 57.5%
New Zealand Oil & Gas (via subsidiaries) 27.5%
Pan Pacific Petroleum (via subsidiaries) 15.0%

Press Release, March 06, 2014