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OMV completes drilling at Whio-1 well in NZ' s PEP 51313, no commercial find

SYDNEY, Australia -- Horizon Oil has been advised by OMV New Zealand Ltd (OMV), the Operator of permit PEP 51313, that on 25 August 2014, the Whio-1 well has reached a total depth of 2,824 m MDRT (2,683 m TVDRT) in the Paleocene Farewell Formation. The well is currently being plugged and abandoned.

Since the previous report, the 12.25” open hole wireline logging has been completed and plans for abandonment are underway. Horizon Oil has been advised by the Operator that the well encountered sandstones in all objectives (Whio A Sandstone, M2A Sandstone, Moki Formation, Mangahewa Formation, Kaimiro Formation, and Farewell Formation) as expected, but could not confirm the presence of commercial hydrocarbons.

Whio-1 has been drilled from the semi-submersible drilling rig Kan Tan IV at a surface location 110 km south-west of New Plymouth, Taranaki, New Zealand and 4.5 km south-east of the Maari well-head platform.

Horizon Oil is free-carried by OMV in the drilling and completion of Whio-1 under the terms of a farm-out agreement signed in December 2012.

The participating interests of the PEP 51313 Joint Venture are: Horizon Oil (New Zealand) Ltd - 21%, Todd Exploration Ltd - 35%, OMV New Zealand Ltd (Operator) - 30% and Cue Taranaki Pty Ltd - 14%.



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