Kan Tan IV set to drill Hok1-1 offshore New Zealand
March 5, 2010
NZOG (New Zealand Oil & Gas Ltd) advises that the Kan Tan IV drilling rig is on location and is preparing to start drilling the Hoki-1 exploration well.
Offshore staff
WELLINGTON, New Zealand -- NZOG (New Zealand Oil & Gas Ltd) advises that the Kan Tan IV drilling rig is on location and is preparing to start drilling the Hoki-1 exploration well.
The Hoki-1 well is in exploration permit PEP 38401 in the offshore Taranaki basin.
The Kan Tan IV is a semisubmersible rig that now is secured at the Hoki-1 location after a tow from the Bass Strait in Australia.
The Hoki-1 well is approximately 135 km (84 mi) west of New Plymouth and in water depth of 330 m (1,083 ft). It targets the oil potential of the Cretaceous North Cape reservoir sequence and the underlying Wainui sandstones. The well is planned to a TD of 3,570 m (11,713 ft).
Immediately following the Hoki-1 well, the Kan Tan IV is scheduled to drill at least two wells in the area surrounding the existing oil fields at Tui, where NZOG is a 12.5% partner.
Participants in Hoki-1 and PEP 38401 are: AWE (Operator) 50% New Zealand Oil & Gas Ltd (through its subsidiary Petroleum Resources Ltd) 10% OMV New Zealand Pty Ltd 21.25% Todd Petroleum Mining Company Ltd 18.75%.
