Kan Tan IV continues drilling at Whio-1 well in PEP 51313 offshore Taranaki


Kan Tan IV continues drilling at Whio-1 well in PEP 51313 offshore Taranaki

MELBOURNE, Australia -- Cue Energy Resources Ltd (Cue) has been advised by OMV New Zealand Ltd (OMV), the Operator of permit PEP 51313, that on 1st August 2014, the Whio-1 well was drilling ahead at a depth of 1,049 m MDRT in the 16” hole section.

Whio-1 is being 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. The well has a planned total depth of 2,879 m MDRT (2,754 m TVDRT) and the well path will be deviated northwards from the surface location to avoid possible shallow drilling hazards above the subsurface targets.

The primary reservoir objectives at Whio are the M2A Sandstone and Mangahewa Formation which are oil bearing in the Maari Field. Secondary reservoir objectives are the Moki, Kaimiro and Farewell formations. Cue’s assessment of Whio indicates mean unrisked prospective resources of 18 MMbbl of oil (100% basis). The close proximity of Whio to existing production infrastructure at the Maari Field provides potential opportunities for early development of any discovered petroleum. A successful well at Whio will open additional exploration potential along the Tasman Ridge to the south of Maari, including the Matariki prospect.

Cue will be free-carried by OMV in the drilling and completion of Whio-1 under the terms of a farm-out agreement signed in December 2012. In the event that one or more hydrocarbon pools are developed at Whio, the participating interests of all partners will be aligned with those of the Maari Joint Venture as follows:

Cue Taranaki Pty Ltd: Whio Current Interest - 14%; Whio Production Interest - 5%.

OMV New Zealand (Operator): Whio Current Interest - 30%; Whio Production Interest - 69%.

Todd Exploration Ltd: Whio Current Interest - 35%; Whio Production Interest - 16%.

Horizon Oil (New Zealand) Ltd (a subsidiary of Horizon Oil): Whio Current Interest - 21%; Whio Production Interest - 10%.

Cue will provide weekly progress reports during the drilling of Whio-1.

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