NZOG Kicks Off Second Seismic Survey in Taranaki Basin (New Zealand)

Octanex N.L. has announced that a second 3D seismic survey has commenced in another of the Company’s offshore Taranaki Basin permits, PEP 52593 (Permit). The survey, named Karoro, is planned to acquire approximately 299km2 of new 3D data from within and adjacent to the Permit.

The Karoro survey follows on from the Kokako survey that has been successfully completed in the Company’s adjoining permit, PEP 53473.

The Company’s 50% interest in the Permit is held by its wholly-owned subsidiary, Octanex NZ Limited (Octanex NZ). New Zealand Oil & Gas Limited (ASX Code: NZO) (NZOG) holds the other 50% interest and is the Operator of the Permit, and of the PEP 52593 Joint Venture exploring the Permit.

PEP 52593 covers an area of over 3,500km2 and is located to the north of PEP 51906 (in which Octanex NZ holds a 22.5% carried interest) and adjoins the northern and western boundaries of PEP 53473 (in which Octanex NZ holds a 50% partially carried interest).

Of the total 299km2 of new 3D data planned to be acquired by the Karoro survey, approximately 275km2 will be acquired within the area of the Permit This will more than fulfil the Permit’s work programme requirement, which is to acquire 225km2 of new 3D data. The survey will also include the acquisition of a ‘tie line’ to the Tane-1 well, which is outside of the Permit boundary to the west.
The Karoro survey is being acquired by the Schlumberger-owned vessel “MV Western Monarch”. As with the previous Kokako 3D survey, the vessel will utilise a 10-streamer array of 8.3km streamers and is scheduled to take 12 days to complete the acquisition, subject to weather and any other interruptions.

The main focus of the Karoro 3D survey is the attractive Karoro lead identified within the northwest area of the permit. The Karoro lead has been mapped on 2D seismic as a potential anticlinal depth closure within the extend of the North Cape Sand reservoir play that was penetrated and found to be porous in the nearby Tane-1 and Hoki-1 wells.

The new 3D data is planned to assist in determining whether the Karoro lead is a valid structural closure and whether the North Cape Sand has preserved porosity; the aim being to elevate the lead to the status of a drillable prospect.

Press Release, April 22, 2013

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