AWE says Oi-2 unsuccessful

AWE Ltd, as operator of Petroleum Mining Permit 38158 offshore Taranaki, New Zealand, reports that the Oi-2 exploration well reached TD at 3,908 m (12,822 ft) on July 7, intersecting primary target Kapuni F10 sands and underlying secondary targets.

Offshore staff

SYDNEY, AustraliaAWE Ltd (ASX: AWE), as operator of Petroleum Mining Permit 38158 offshore Taranaki, New Zealand, reports that the Oi-2 exploration well reached TD at 3,908 m (12,822 ft) on July 7. The well intersected the primary target Kapuni F10 sands and underlying secondary targets.

No significant oil shows were encountered, and real-time well data indicated that the reservoir is water bearing. Preparations are being made to P&A the well.

The Oi-2 exploration well is located 12 km (7.5 mi) northeast of the Tui Area oil fields in water depth of 120 m (394 ft).

Joint venture partners in PMP 38158 are operatorAWE Ltd (via subsidiaries), 57.50%; New Zealand Oil & Gas (via subsidiaries), 27.50%; and Pan Pacific Petroleum (via subsidiaries), 15%. Joint venture partners in the Oi-2 exploration well are operatorAWE Ltd (via subsidiaries), 31.25%; New Zealand Oil & Gas (via subsidiaries), 18.75%; and Pan Pacific Petroleum (via subsidiaries), 50%.

07/08/2014

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