KUPE KS-9 UPDATE

GENERAL

Wed, May 22 2024 10:30 am

New Zealand Oil & Gas (NZX: NZO, ASX: NZO) advises that the KS-9 wireline intervention campaign at the Kupe gas field in April / May 2024 was unsuccessful in improving well performance.

“This news is sub-par for our 4% holding, the Joint Venture and New Zealand” says Andrew Jefferies CEO. “We will be evaluating the results of this campaign along with other potential options over the coming months, with a view to improving productivity from this well. I see the KS-9 well as a key data point which will help us to understand further opportunities in the Kupe field, a field that has outperformed the expectations of its original business case in 2006.
It will continue to provide much needed gas to New Zealand, providing cheap clean back-up power to the burgeoning fleet of less reliable renewables.” Genesis Energy has released a statement regarding KS-9. Please see their release attached to this announcement for further details. NZO has a 4% participating interest in Kupe along with joint venture partners Beach Energy (50%, Operator) and Genesis Energy (46%).