During the week, the Ocean Patriot rig was moved to the Taranui-1 location in PMP 38158 on August 17, 2007.
Pan Pacific Petroleum reports that at 0600 hours today, the Taranui-1 well was cementing 30” casing at a depth of 227 metres, after starting drilling operations at 0630 hours on August 20, 2007.
The Taranui prospect is located in PMP 38158, approximately 15 kilometres north east of the Tui Area Oil Project. Taranui -1 is being drilled in a water depth of 121 metres and has the potential to contain of the order of 15 million barrels of recoverable oil. The well has a planned total depth of approximately 3,900 metres.
Participants in PMP 38158 are:
Pan Pacific Petroleum NL (through its subsidiary WM Petroleum Ltd) 10.0%
New Zealand Oil & Gas Ltd (through Stewart Petroleum Company Ltd) 12.5%
AWE New Zealand Pty Limited (“AWE”) 20.0%
New Zealand Overseas Petroleum Pty Ltd (“AWE”) 22.5%
Mitsui E & P New Zealand Limited 35.0%
Integration in Exploration and Exploitation
London, 21st January
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