Matuku-1 drilling operations finalised

Press Release – OMV New Zealand

OMV New Zealand Ltd announces the completion of drilling operations on the Matuku-1 exploration well in the Taranaki Basin. The well has been drilled to a total depth of 4846 m into the Cretaceous Rakopi Formation.OMV New Zealand Media Release

31 January, 2014 OMV New Zealand Ltd

Matuku-1 drilling operations finalised

Drilling operations completed at Matuku-1
Wireline logs and drilling data to be analysed
Kan Tan IV to be handed over to AWE

OMV New Zealand Ltd announces the completion of drilling operations on the Matuku-1 exploration well in the Taranaki Basin.
The well has been drilled to a total depth of 4846 m into the Cretaceous Rakopi Formation.

The well did encounter sandstones in the primary and secondary targets (Kapuni Group F-sands and North Cape Formation) as expected but did not confirm the presence of commercial quantities of hydrocarbons.
The well has been plugged and the rig is preparing to move off location.

A vast amount of logging and drilling data has been gathered which will now be used to update geological models of the area. This will help better predict where hydrocarbons may have been generated and trapped.

“Although it is disappointing that we didn’t discover a new major oil field, this is the nature of oil and gas exploration. The probability of making a new discovery is typically well below 50%. To be a successful explorer requires a long-term commitment and a willingness to continuously re-evaluate your geological model based on new information becoming available,” says OMV New Zealand Ltd Managing Director Peter Zeilinger.

The Kan Tan IV semi-submersible rig will be handed over to AWE for its drilling campaign, before OMV New Zealand takes the rig back to explore the Whio prospect in PEP 51313, south of the producing Maari Oil Field.

ENDS

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