In the Taranaki Basin, the rig will drill the Makutu-1 well to 4850m after being moored in 135m of water.
Matuku is to the west of the giant offshore Maui gas field and southwest of the Tui field.
If the prospect is as big as expected, it would potentially make it the largest offshore field in New Zealand.
The joint venture partners in the exploration permit containing Matuku, Austrian-based OMV with 65 per cent, Octanex (22.5 per cent) and New Zealand Oil & Gas (12.5 per cent).
interesting, 65mm barrels (oil) is not massive but biggest so far in NZ?
OXX Price at posting:
28.5¢ Sentiment: LT Buy Disclosure: Held
