Hoki-1 nears half-way mark at 1505 metres

Thursday 11th March 2010

Drilling of the wildcat Hoki-1 well by AWE has reached a depth of 1505 metres as it targets a total depth of approximately 3570 metres.

The Kan Tan IV drilling rig spudded in six days ago in exploration permit area PEP38401 in the offshore Taranaki Basin, 135 kilometres west of New Plymouth in around 330 metres of water.

Hoki-1 is targeting the oil potential of the Cretaceous North Cape reservoir sequence and the underlying Wainui sandstones.

Participants in Hoki-1 and PEP 38401 are AWE (Operator) 50%; OMV New Zealand Pty Ltd 21.25%; and Todd Petroleum Mining Company Ltd (Todd Energy) 18.75%; and New Zealand Oil & Gas Ltd (through its subsidiary Petroleum Resources Ltd) 10%.

Businesswire.co.nz

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