Kan Tan IV secured for Taranaki basin drilling

The semisubmersible drilling rig Kan Tan IV has been secured for operations in the offshore Taranaki basin in New Zealand, according to Australian Worldwide Exploration (AWE).

Offshore staff

PERTH -- The semisubmersible drilling rig Kan Tan IV has been secured for operations in the offshore Taranaki basin in New Zealand, according to Australian Worldwide Exploration (AWE).

AWE has executed agreements to secure the services of the semisubmersible drilling rig to drill four exploration wells. The rig will be contracted by AWE as part of a consortium of Australian companies to drill both in New Zealand and in southeast Australia starting in the second quarter.

AWE will have a total time contracted sufficient to drill four exploration wells in New Zealand. Additional rig time is expected to be available for follow-up exploration or appraisal drilling.

Final selection of the wells to be drilled has not been made and remains subject to joint venture approvals. However, AWE expects to drill the large Hoki oil prospect in permit PEP 38401 as the first well of its New Zealand campaign and also drill at least two oil prospects in close proximity to the producing Tui oil field.

02/10/2009

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