Kan Tan IV completes drilling at Oi-2 well in PMP 38158 offshore Taranaki

7/15/2014

Kan Tan IV completes drilling at Oi-2 well in PMP 38158 offshore Taranaki

NORTH SYDNEY -- Pan Pacific Petroleum (PPP) reported that it has been advised by AWE, the operator of petroleum mining permit (PMP) 38158 containing the Oi-2 exploration well which is being drilled by Kan Tan IV (mid-water semisubmersible), that operations are proceeding to plug and abandon Oi-2 located offshore Taranaki, New Zealand after which the rig will then abandon Oi-1 prior to release.

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% and Pan Pacific Petroleum (via subsidiaries) 50.00%.

The Joint Venture partners in PMP 38158 are: AWE Limited (via subsidiaries) (Operator): 57.50%, New Zealand Oil & Gas (via subsidiaries): 27.50% and Pan Pacific Petroleum (via subsidiaries): 15.00%.

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