AWE drills Oi exploration well

June 3, 2014

Australia’s AWE Limited announced that drilling on the Oi-1 exploration well in the Tui area oil fields, located off New Zealand in the Taranaki Basin, commenced on 30 May with the semisubmersible Kan Tan IV.

Oi-1 is located approximately 12km northeast of the Tui area oil fields in approximately 120m of water. On 2 June, operations ran and cemented 30-in. casing to 229m and drilled ahead in a 17 ½ -in. hole at a depth of 510m.

The Oi-1 exploration well will be drilled vertically to a planned total depth of 3881m. The objective is to evaluate the hydrocarbon potential of a 4-way dip closed structure similar to the producing Tui, Amokura, and Pateke fields. It will target the same F10 reservoir sandstones.

In the event of a commercial discovery, AWE says that any subsequent development of the Oi field would involve a tie back to the nearby Tui production facility, the FPSO Umuroa.

The Oi prospect is estimated to hold 11MMbbl of recoverable oil. Gross dry hole drilling costs are estimated at US$27 million and the well is expected to take approximately 30 days to complete.

The Oi-1 exploration well is part of Petroleum Mining Permit (PMP) 38158. AWE Limited, through subsidiaries, operates both PMP 38158 and the Oi-1 exploration well, with 57.5% and 31.25% working interests (WI), respectively. Its joint venture partners in PMP 38158 are New Zealand Oil & Gas, through subsidiaries, (27.5% WI) and Pan Pacific Petroleum, through subsidiaries, (15% WI).

AWE Limited joint venture partners in the Oi-1 exploration well are New Zealand Oil & Gas (18.75% WI) and Pan Pacific Petroleum (50% WI).

Map from AWE.



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