AWE Limited, as Operator of Petroleum Mining Permit 38158 offshore Taranaki, New Zealand, reports that the Oi-2 exploration well has drilled a 17 1/2 inch hole to the planned section target depth of 550 metres and that installation of the 13 3/8 inch casing has been completed.

As at 06:00 hours (6.00am) NZDT today, the Oi-2 exploration well was preparing to install well control equipment in advance of drilling ahead in a 12% inch hole to the planned section target depth of 1,500
metres.

The Oi-2 exploration well is located approximately 12 kilometres northeast of the Tui Area Oil Fields in water depth of approximately 120 metres. The well objective is to evaluate the hydrocarbon potential of a 4-way dip closed structure similar to the producing Tui, Amokura and Pateke fields and is targeting the same F10 reservoir sandstones.

The Oi-2 exploration well will be drilled vertically to a planned total depth of 3,881 metres and is forecast to take approximately 31 days to complete.