AWE Limited Provides Pateke-4H Drilling Update

Source: www.gulfoilandgas.com 5/6/2014, Location: Not categorized

AWE Limited reports that as at 06:00 hours (6.00am NZDT) the Pateke-4H development well was at a total measured depth of 4,772m, including a 749m horizontal section through the reservoir. The total depth was revised from the original 5,381m target due to the high quality of the reservoir encountered and to ensure a stable well bore was achieved for effective completion and production.

Installation of a 6 5/8 inch slotted production liner has been completed. Preparations are being made to run the completion and suspend the well to enable production in Q1 2015 following the installation of sub-sea flowline infrastructure and tie-back to the Tui FPSO.

The oil-bearing properties of the Kapuni F10 reservoir are positive. Further analysis is required to determine the expected recovery from Pateke-4H, but initial evaluation suggests a resource range consistent with the pre-drill estimate of approximately 2.5 million barrels gross.

Based on the significant additional work required to mitigate the mechanical difficulties and drill the two sidetracks, gross pre-completion well costs have increased beyond the pre-drilling estimate of USD 55 million (AWE share 32 million). The revised estimated gross pre-completion well cost is USD 99 million (AWE share USD 57 million) with completion costs estimated at USD 12 million gross.

The Pateke-4H development well is in PMP 38158 and AWE is the Operator. Located in the offshore Taranaki Basin, New Zealand, PMP 38158 contains the Tui, Amokura and Pateke fields and has been producing since 2007. Pateke-4H is in water depth of approximately 124m and has been drilled into a northern extension of the producing Pateke field.

The Joint Venture partners in PMP 38158 are:
AWE Limited (via subsidiaries) (Operator) 57.5%
New Zealand Oil & Gas (via subsidiaries) 27.5%
Pan Pacific Petroleum (via subsidiaries) 15.0%


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