PCL 11.1% 0.8¢ pancontinental energy nl

Announcement 10.51am

  1. 2,070 Posts.
    Australian Worldwide Exploration Limited, on behalf of its
    wholly-owned subsidiary, AWE New Zealand Pty Limited, ("AWE"), advises that, as at 0600 hours, 5 June, Huinga-1B was at a depth of 4,263 metres measured depth and the current operation was completing a velocity survey. At the current depth, there was a drilling break and a total loss of circulation of drilling mud occurred. Upon restoring circulation, substantial gas shows, along with globules of
    oil were seen in the drilling fluid.

    Preliminary results from the velocity survey suggest that the current depth is close to the interpreted base of the overthrust block and just above the main reservoir target. The forward plans is to run back
    in the hole and resume drilling late today.

    The Huinga prospect is located on the prospective eastern margin trend in the Taranaki Basin, New Zealand, north of the recently drilled Makino-1. The prospectivity of this trend has been established by the Rimu and Kauri discoveries, and further enhanced
    by the results of the Makino-1. Huinga-1B is being directionally drilled from the existing Huinga 1/1A well bore, to target the Tariki sandstones and Kapuni Group sandstones at a location approximately 550 metres west of the Huinga wellsite.
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