AWE: Oi-2 Soon to Be Drilled to Primary Objective

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AWE Limited, as Operator of Petroleum Mining Permit 38158 offshore Taranaki, New Zealand, reports that, as at 06:00 hours (6.00am) NZDT today, the Oi-2 exploration well was at a measured depth of 1,505 metres. The 9 5/8” casing string has been installed and cemented at a depth of 1,487 metres. Preparations are underway to start drilling ahead to the primary objective, the F10 sandstones anticipated at 3,690 metres.

Well costs have been adversely impacted by winter weather conditions in the offshore Taranaki Basin, with the total cost of the Oi-1 and Oi-2 wells now estimated at US$50.9 million (AWE share US$15.9 million), which includes a contingent provision for weather downtime. The Oi-2 exploration well is located approximately 12 kilometres northeast of the Tui Area Oil Fields in water depth of approximately 120 metres. The well objective is to evaluate the hydrocarbon potential of a 4-way dip closed structure similar to the producing Tui, Amokura and Pateke fields and is targeting the same F10 reservoir sandstones.

The Oi-2 exploration well will be drilled vertically to a planned total depth of 3,881 metres and is forecast to take approximately 40 days to complete. The Joint Venture partners in PMP 38158 are: AWE Limited (via subsidiaries) (Operator) 57.50%; New Zealand Oil & Gas (via subsidiaries) 27.50%; Pan Pacific Petroleum (via subsidiaries) 15.00%.

The Joint Venture partners in the Oi-2 exploration well are: AWE Limited (via subsidiaries) (Operator) 31.25%; New Zealand Oil & Gas (via subsidiaries) 18.75%; Pan Pacific Petroleum (via subsidiaries) 50.00%.

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