OMV GSB Ltd, a wholly owned subsidiary of OMV AG, spudded the Tawhaki 1 exploration well in PEP 50119, located in the Great South Basin, on 7 January 2020. The well was drilled to a total depth of 2,980 m by the COSL Drilling Europe AS owned "COSL Prospector" rig. On 20 February 2020 joint venture partner Beach Energy Ltd reported that the well was to be plugged and abandoned after failing to encounter hydrocarbons.   Reports suggest that drilling remained temporarily suspended in early February 2020 following the accidental activation of the blow-out preventor (BOP), resulting in the drill pipe being sheared, in late January 2020. The Environmental Protection Authority (EPA) was informed and no volumes of harmful substances released into the environment exceeded that permitted by the marine discharge consents. Following the temporary suspension of drilling, operations resumed in early to mid-February 2020.  The commitment well was the second of a multi-well exploration campaign being undertaken by OMV in the Taranaki and Great South basins. The "COSL Prospector" rig was contracted to drill the well which arrived on location on 2 January 2020 after drilling Gladstone 1 in the Taranaki Basin. The well was planned to be drilled to a total depth of 2,977 m with the last casing point at 2,558 m.  The Tawhaki prospect lies in the eastern portion of the permit in a water depth of approximately 1,300 m. Here, a thick package of Cretaceous and Paleocene marine shales seal Cretaceous sands draped over a basement high. The prospect had a mapped closure of up to 470 sq km with recoverable resources of up to 1 Bbbl of oil. OMV reported that potential oil charge had been modelled from Cretaceous syn-rift coals and that the Tawhaki prospect is thought to be analogous to the Utsira High in the North Sea, which includes the Ivar Aasen, Johan Sverdrup and Ragnarock fields. These contain potential recoverable reserves of approximately 3,000 MMboe.  The final consents for marine discharge were granted by the Environmental Protection Authority (EPA) on 16 December 2019. The first consents were granted on 11 September 2019.  OMV had previously been offering equity via farm-in to PEP 50119. Beach Energy Ltd announced on 19 December 2019 that it had reached an agreement with OMV to farm-in to the permit. The deal would see Beach acquire 30% interest in the permit from OMV by funding 30% of the well costs.  PEP 50119 covers an area of 16,760 sq km in deep water and was awarded on 11 July 2007. On completion of the farm-in deal, participants in the permit will be OMV New Zealand Ltd. (52.93% plus operatorship), Beach Energy Ltd (30%) and Mitsui E&P Australia Pty Ltd (17.07%).
Tawhaki 1 explo. (OMV 52,93% op. Beach 30%, Mitsui 17,07%) in PEP 50119 block, reached a TD=2980m but no hc were present in the target reservoir. P&A dry. WD about 1200m