OMV Spuds Matuku Well (New Zealand)

Octanex N.L. has been advised by the Operator of the Matuku-1 exploration well, OMV New Zealand Limited (OMV), that the well was spudded at a location within the offshore Taranaki Basin permit PEP 51906 at 13:50 hours on Saturday, 30 November 2013.

Spudding of the well was delayed due to the rig having to wait on weather. Matuku-1 is programmed as a vertical well that is being drilled by the Kan Tan IV semi-submersible rig in water depths of approximately 130m. The Kan Tan IV is a mobile offshore drilling unit (MODU) capable of operating in water depths up to 450m and drilling to depths of approximately 7600m. Dependent upon the results while intersecting the zones of interest (as detailed below), Matuku-1 will be drilled to a potential total depth (TD) of approximately 4750m MDRT (measured depth below rotary table). The well is scheduled to take 45 days to drill to TD and then abandon.

Matuku-1 is targeting the hydrocarbon potential of the Kapuni Group Farewell Formation F sandstone reservoir (T10 sands); with sandstones of the Kapuni Group Kaimiro Formation D Sand (T20 sands) and Pakawau Group North Cape Formation (K90) being secondary targets.

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. Weekly reports on drilling progress will be released during the initial drilling phase.

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Press Release, December 02, 2013