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AWE installing well control equipment at Oi-1 well

SYDNEY, Australia -- AWE, as Operator of Petroleum Mining Permit 38158 offshore Taranaki, New Zealand, reports that the Oi-2 exploration well has drilled a 17 ½ inch hole to the planned section target depth of 550 m and that installation of the 13 3/8 inch casing has been completed.
The Oi-2 exploration well was preparing to install well control equipment in advance of drilling ahead in a 12 ¼ inch hole to the planned section target depth of 1,500 m.
The Oi-2 exploration well is located approximately 12 km northeast of the Tui Area Oil Fields in water depth of approximately 120 m. The well objective is to evaluate the hydrocarbon potential of a 4-way dip closed structure similar to the producing Tui, Amokura and Pateke fields and is targeting the same F10 reservoir sandstones.
The Oi-2 exploration well will be drilled vertically to a planned total depth of 3,881 m and is forecast to take approximately 31 days to complete.

The Joint Venture partners in PMP 38158 are:  AWE Limited (via subsidiaries) (Operator) 57.50%, New Zealand Oil & Gas (via subsidiaries) 27.50%  & Pan Pacific Petroleum (via subsidiaries) 15.00%.
The Joint Venture partners in the Oi-2 exploration well are:  AWE Limited (via subsidiaries) (Operator) 31.25%, New Zealand Oil & Gas (via subsidiaries) 18.75% & Pan Pacific Petroleum (via subsidiaries) 50.00%.



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