Kupe joint venture commits to drill Momoho

The Kupe Gas Project plans to undertake exploration drilling of the Momoho prospect in the Kupe permit area, 6 km (3.7 mi) south of the Kupe gas field, in the Tasman Sea, offshore New Zealand.

Offshore staff

AUKLAND, New Zealand -- The Kupe Gas Project plans to undertake exploration drilling of the Momoho prospect in the Kupe permit area, 6 km (3.7 mi) south of the Kupe gas field, in the Tasman Sea, offshore New Zealand.

With drilling of the Kupe development wells nearing completion, operator Origin Energy Resources (Kupe) Ltd. and its joint venture partners plan to test the Momoho prospect in May prior to releasing theEnsco 107 drilling rig.

Momoho 1 will target a complex structural high situated between the Kupe South 4 non-commercial gas discovery, 2.5 km (1.6 mi) to the northwest and the Kupe South 5 non-commercial oil discovery, 1.2 km (0.7 mi) to the southeast.

The well is planned to a TD of 3,150 m (10,335 ft) with primary reservoir targets in both the Farewell and Puponga formations. The Farewell formation, the main hydrocarbon bearing zone at the Kupe field, is expected to be intersected at a depth of approximately 2,850 m (9,350 ft).

If Momoho is commercial, a development may be able to connect to the Kupe platform.

Participants in the Kupe Gas Project are Origin Energy Resources (Kupe) Ltd., 50%;
Genesis Energy, 31%; New Zealand Oil & Gas Limited, 15%; and Mitsui E&P Australia Pty Ltd., 4%.

03/28/08

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