JV partner Octanex has been advised by OMV New Zealand, the Operator of the offshore Taranaki Basin permit PEP 51906, that a new 3D seismic survey has commenced in the Permit. OMV has confirmed that the survey vessel is on location, has deployed the cable array and commenced acquiring the 3D seismic survey at approx. 1:30 am NZST.
The survey, named Kaka, is planned to acquire approx. 400 km2 of new 3D seismic data from within and adjacent to PEP 51906 (see map). The survey area is situated on a north-east structural trend between the Maui oil and gas field and the Maari oil field. The objective of the survey is to enable more precise mapping of prospective oil plays in the Palaeocene Farewell Formation and Eocene Mangahewa Formation.
The Kaka survey is being shot by the vessel 'Polarcus Alima' using an array of 10 cables, with each cable being eight kilometres long and spaced 100 metres apart. It is expected the vessel will take 23 days to complete acquisition of the new 3D data.
This new 3D seismic survey will complete and exceed the Year 5 work obligations of the Permit; which are to drill one exploration well and acquire a minimum of 310 km² of new 3D data. The Matuku-1 exploration well is currently being drilled by the Kan Tan IV semi-submersible rig in the northeast of the Permit (see map).
The participants in the PEP 51906 permit and its Joint Venture are: OMV New Zealand 65.0%; Octanex NZ 22.5%; Australia and New Zealand Petroleum 12.5% (Subsidiary of New Zealand Oil & Gas)
Matuku-1 exploration well
Octanex also reported today that the Matuku-1 exploration well being drilled by OMV in PEP 51906 is at a depth of 3417m MDRT (measured depth below rotary table) and preparing to drill ahead in the 8½" hole. The well is targeting the hydrocarbon potential of the Kapuni Group Farewell Formation Fsandstone reservoir (T10 sands); with sandstones of the Kapuni Group Kaimiro Formation D Sand (T20 sands) and Pakawau Group North Cape Formation (K90) being secondary targets. Matuku-1 is programmed as a vertical well that is being drilled by the Kan Tan IV semi-submersible rig in water depths of approx. 130m. The Operator currently intends drilling the well to a total depth of 4750m MDRT.
Octanex holds a 22.5% participating interest in the PEP 51906 permit and this interest is being free carried by OMV through the drilling of the Matuku-1 well.
