OMV Working to Secure Rig for Matuku-1 Well (New Zealand)

OMV has today confirmed that it will drill the Matuku-1 well in PEP 51906. Octanex, which owns 35% in the licence has informed that OMV is continuing extensive search and evaluation process in an effort to secure a semi- submersible rig to drill the well.

OMV is planning to drill a number of wells in the offshore Taranaki Basin, beginning in Q3 2013, with Matuku-1 to be the first well drilled in that multi- well programme.

A site survey over the expected location of the Mutuku-1 well is scheduled to be undertaken during the coming December / January period. Under the terms of a Farmin Agreement between Octanex and OMV, OMV had to make a commitment by 19 November 2012 to drill a well within PEP 51906, or reassign its 65% participating interest to Octanex. OMV has now made that drilling commitment to Octanex and Octanex will be free earned through all of the site survey and drilling operations.

[mappress]
Press Release, November 16, 2012