+++++++++++++++++++++++++ Marabella Enterprises Limited, Operator for the PEP38716 Joint Venture, reports that preparations are underway for the extended production test of the Huinga 1B well. Surface production equipment is installed. Wireline operations have continued over the last several days to remove debris that had settled onto the safety plug in the tubing. Current indications are that the plug is now accessible and can be retrieved. Thereafter the wall will be swabbed to initiate production from both the Kapuni and Murihiku zones for an initial clean-up flow. After the clean-up phase, the Murihiku and Kapuni formations will be flow tested separately over periods of several days.
The Huinga prospect is located on the prospective eastern margin trend in the Taranaki Basin, New Zealand, north of the recently drilled Makino-1. Huinga-1B has provided further confirmation of the prospectivity of this trend, initially established by the Rimu and Kauri discoveries, and further enhanced by the results of the Makino-1. Huinga-1B was directionally drilled from the existing Huinga 1 well bore, to target sandstones of the Tariki and Kapuni Group at a location approximately 550 metres west of the Huinga wellsite. Although the well did not encounter the Tariki sandstone, oil-bearing Kapuni Group sandstones were encountered directly beneath the Murihiku thrust block. The Tariki remains a prospective target, but at a location west of the current well bore.
Bligh has a 24.80% interest in PEP38716, through its wholly owned subsidiary, Marabella Enterprises Limited and is Operator of the permit and the well. The other participants in the well and permit are:
Preussag Energie GmbH 24.00% Swift Energy NZ Limited15.00% AWE New Zealand Pty Limited 12.50% Indo Pacific Energy (NZ) Limited 7.30% Pancontinental Oil & Gas NL 6.60% PEP38716 Limited 5.00% Springfield Oil and Gas Limited 4.80%*
* Subject to Joint Venture and government approvals; Springfield Oil & Gas Limited is a wholly owned subsidiary of Impress Ventures Ltd.