OMV Working to Secure Rig for Matuku-1 Well (New Zealand)

OMV Working to Secure Rig for Matuku-1 Well (New Zealand)

OMV has today confirmed that it will drill the Matuku-1 well in PEP 51906. Octanex, which owns 35% in the licence has informed that OMV is continuing extensive search and evaluation process in an effort to secure a semi- submersible rig to drill the well.

OMV is planning to drill a number of wells in the offshore Taranaki Basin, beginning in Q3 2013, with Matuku-1 to be the first well drilled in that multi- well programme.

A site survey over the expected location of the Mutuku-1 well is scheduled to be undertaken during the coming December / January period. Under the terms of a Farmin Agreement between Octanex and OMV, OMV had to make a commitment by 19 November 2012 to drill a well within PEP 51906, or reassign its 65% participating interest to Octanex. OMV has now made that drilling commitment to Octanex and Octanex will be free earned through all of the site survey and drilling operations.

Press Release, November 16, 2012

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