New Zealand: OMV to Spud Matuku Well in September

A likely start date has been confirmed for drilling in the Matuku prospect in PEP 51906 off Taranaki in New Zealand.

The permit’s operator, OMV, has advised that the semi-submersible rig Kan Tan IV is expected to begin drilling in mid-September. The well is expected to take 40 days to drill to a target depth of 4756 metres.

The Kan Tan IV mobile offshore drilling unit (MODU) is operated by Frigstad Offshore Ltd, a private company providing management services for offshore drilling rigs. The rig is currently completing operations in China, after which it will undergo biosecurity cleaning and then be transported to New Zealand.

In the event of success at Matuku-1, the most likely follow up well to appraise a discovery would be sited on the northern lobe of the Matuku Prospect. As part of the contract with Frigstad Offshore, there are contingent plans for the Kan Tan IV to drill Matuku-2 in the event of a discovery being made at Matuku.

The operator has publicly estimated mean recoverable resource for the prospect at around 65 million barrels. 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, New Zealand Oil & Gas has an option to acquire a further 5 per cent of Octanex’s share, which would equalise each company’s interest at 17.5 per cent.