NZOG updates Pateke-4H

Offshore staff

WELLINGTON, New ZealandNew Zealand Oil & Gas reports that preparations are being made to run the completion and suspend the Pateke-4H well offshore Taranaki, New Zealand, to enable production in 1Q 2015 following the installation of subsea flowline infrastructure and tieback to the Tui FPSO Umuroa.

These activities are expected to take 10 days. The well will then be suspended and the rig will move to the Oi-1 location. On current planning, Oi-1 is expected to spud during the last week of May.

On May 6, the Pateke-4H well was at a total measured depth of 4,772 m (15,656 ft), including a 749-m (2,457-ft) horizontal section through the reservoir. The total depth was revised from the original 5,381-m (17,654-ft) target due to the high quality of the reservoir encountered and to ensure that a stable wellbore was achieved for effective completion and production.

Installation of a 6 5/8-in. slotted production liner has been completed and operations are currently setting the liner hanger.

Further analysis is required to determine the expected recovery from Pateke-4H, but initial evaluation is consistent with the pre-drill 2C resource estimate of 2.5 MMbbl (687,500 bbl net to New Zealand Oil & Gas).

New Zealand Oil & Gas has a 27.5% interest in Tui. The other Tui joint venture partners are operator AWE Ltd. (via subsidiaries), 57.5%; and Pan Pacific Petroleum (via subsidiaries), 15%

05/12/2014



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