AWE Limited has informed that at 03:15 hours today (New Zealand Daylight Time) the handover of the Kan Tan IV semi-submersible drill rig to AWE, as Operator of the PMP 38158 joint venture, was completed and that the rig is moving into position in preparation for drilling the Pateke-4H development well.
AWE estimates that Pateke-4H could increase field recovery by approximately 2.5 million barrels (gross). If successful, the well will be completed in preparation for a subsequent subsea tie-back to the Tui FPSO for production.
Following the drilling and completion of Pateke-4H, the Kan Tan IV drill rig will relocate to a location approximately 13km to the northeast of the Tui field and drill the Oi exploration well.
The Joint Venture partners in PMP 38158 are:
AWE Limited (via subsidiaries) (Operator) 57.5%
New Zealand Oil & Gas (via subsidiaries) 27.5%
Pan Pacific Petroleum (via subsidiaries) 15.0%