OMV Prepares to Plug Matuku Well (New Zealand)

OMV New Zealand Limited, the Operator of the Matuku-1 exploration well that has been drilled in the offshore Taranaki Basin permit PEP 51906, in New Zealand has informed its partners that that at 06:00 hours (NZST) on Tuesday, 21 January 2014, the well was at its total depth (TD) of 4,846m MDRT (measured depth below rotary table) and carrying out wireline logging operations.

Since the last progress report on 16 January 2014, the 8 1/2″ section has been drilled from 4307m MDRT to TD. On-going operations are to complete the wireline logging and then plug and abandon the well as planned.
Matuku-1 is a vertical well that has been drilled by the Kan Tan IV semi-submersible rig in water depths of approximately 130m. The Company’s wholly-owned subsidiary, Octanex NZ Limited, holds a 22.5% participating interest in the PEP 51906 permit and this interest is being free carried by OMV through the drilling of the Matuku-1 well.
The participants in the PEP 51906 permit and its Joint Venture are:

OMV New Zealand Limited 65.0%

Octanex NZ Limited 22.5%

Australia and New Zealand Petroleum Limited 12.5%

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Press Release, January 22, 2014