New Zealand Oil&Gas Ltd said the Hoki-1 exploration well off the Taranaki coast has reached a depth of 2132m and is drilling ahead.The well was delayed by problems with the Kan Tan IV drilling rig, but the rig resumed operations last week, having prev
New Zealand Oil&Gas Ltd said the Hoki-1 exploration well off the Taranaki coast has reached a depth of 2132m and is drilling ahead.
The well was delayed by problems with the Kan Tan IV drilling rig, but the rig resumed operations last week, having previously drilled to 1505m and set casing.
Hoki-1 is targeting the oil potential of the Cretaceous North Cape reservoir sequence and the underlying Wainui sandstones. The well is planned to be drilled to a total depth of about 3570m.
The exploration well is about 135km west of New Plymouth in water depth of about 330m and is located in exploration permit PEP 38401.
Australian Worldwide Exploration is the operator and 50 percent owner of the venture. NZOG has a 10 percent stake, OMV New Zealand Pty has 21.25 percent and Todd Petroleum Mining Company Ltd has 18.75 percent.
