OMV New Zealand received a 65% operating interest in Petroleum Exploration Permit 53537 in the Taranaki Basin. Octanex NZ Ltd holds the remaining interest in the permit.
PEP 53537 is located west of PEP 51906, which is also held by the same joint venture partners. The OMV-operated Maari oilfield lies 16 miles (25 kilometers) to the southeast of PEP 53537. The work commitments for the new permit include 2D and 3D seismic acquisition and reprocessing in the first 18 months, followed by technical studies. A drill or drop decision must be made by July 5, 2013.
OMV and Octanex are currently nearing completion of their seismic survey in the adjacent permit PEP 51906. The consortium is intending to commence a 2D seismic survey in PEP 53537 immediately thereafter, using the same seismic vessel.
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