Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/octanex-omv-spudding-new-zealand-offshore-oil-expl.shtmlOctanex, OMV spudding New Zealand offshore oil exploration well
Octanex and its partners are poised to spud the Matuku-1 well in the Taranaki Basin, offshore New Zealand, that targets mean recoverable resource of
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Octanex and its partners are poised to spud the Matuku-1 well in the Taranaki Basin, offshore New Zealand, that targets mean recoverable resource of 65 million barrels of oil.
Matuku-1 will test multiple potential target zones including the primary target Kapuni Group Farewell Formation F sandstone and secondary targets, Kapuni Group Kaimiro Formation D Sand (T20 sands) and Pakawau Group North Cape Formation.
In the event of success at Matuku-1, the most likely follow up well would be sited so as to explore the northern Matuku structure.
Octanex is being free carried for its 22.5% interest through drilling of the well by Austrian oil and gas company OMV (VIE:OMV), which farmed into a 65% stake in November 2012.
It had also sold a 12.5% stake in November 2012 to New Zealand Oil and Gas for $12.5 million.
