New Zealand Oil & Gas has informed that, as at 6.00AM Sunday, 29 December, the Matuku-1 well in PEP 51906 offshore Taranaki had been drilled to 3167 metres after setting 13 3/8″ casing at 1494 metres.
A cement plug has been set across suspected debris at the base of the well and the next activity is to drill a 12 1/4″ sidetrack hole to 3400 metres and set 9 5/8″ casing. The Kan Tan IV began drilling operations on Saturday, 30 November.
The Matuku-1 well is programmed to be drilled in water depths of 135m and to a planned total depth of approximately 4850m sub-sea. The Kan Tan IV is capable of operating in water depths up to 450m and drilling to depths of approximately 7600m. OM, the operator of the licence, is planning to drill a number of wells in the offshore Taranaki Basin with Matuku-1 to be the first well drilled in that multi-well programme.
The estimated mean recoverable resource, if there are hydrocarbons in the Matuku prospect, is approximately 65 million barrels.
Participants in PEP 51906 are OMV New Zealand (Operator) 65 per cent; Octanex 22.5 per cent; and New Zealand Oil & Gas 12.5 per cent. If Matuku-1 is successful, either New Zealand Oil & Gas or Octanex may exercise an option for New Zealand Oil & Gas to acquire a further 5 per cent of Octanex’s share, which would equalise each company’s interest at 17.5 per cent.
December 30, 2013