Finance & Investing
News Services
Newsletters
Get free industry updates via email.
Daily News
Weekly News
Equipment Updates
Weekly Job Register
Monthly Event Guide
Our privacy
pledge.


advertisement

OMV to Take Reins at PEP 51313 License

change text size

OMV New Zealand has signed a farm-in agreement for a 30 percent interest in the PEP 51313 license and will assume operatorship on or before March 31, 2013. Including OMV New Zealand, the new 51313 Joint Venture (JV) partners consist of Todd Exploration Ltd (35%), Horizon Oil (New Zealand) Ltd (21%) and Cue Taranaki Pty Ltd (14%), also partners in the Maari JV. The farm-in agreement is subject to regulatory approval.

"This farm-in works well with our strategy to mature opportunities in the Taranaki Basin in general, and in particular, near our core area – the Maari field," explained OMV New Zealand's Managing Director, Peter Zeilinger.

As part of the farm-in agreement, OMV New Zealand will fund an initial single exploration well in the license targeting the Whio prospect near the border between the 51313 license and Maari permit area. The PEP 51313 license covers 1,015 square miles (2,628 square kilometers).

"A successful discovery at Whio could be developed using the existing facilities at Maari. This farm-in is an excellent opportunity to use existing facilities to develop additional resources and complements our other planned investments in and around the Maari field," Mr. Zeilinger said.

The Whio prospect is approximately 2.5 miles (4 kilometers) from the Maari installations in a water depth of 312 feet (95 meters). Subject to rig availability, drilling is expected to take place as part of OMV New Zealand's campaign slated to begin during the New Zealand summer 2013/14.

In the case of a commercial discovery at the Whio prospect, OMV New Zealand's share will increase to 69 percent under the farm-in agreement.

WHAT DO YOU THINK?

Post a Comment Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Most Popular Articles
From the Career Center
Jobs that may interest you
Project Engineer
Expertise: Mechanical Engineering, Process Management
Location: Houston
 
Business Development Representative - Mid-Continent Basins
Expertise: Business Development
Location: Fort Worth, TX
 
Field Sales - Casper, WY
Expertise: Business Development, Sales and Marketing
Location: Casper, WY
 
search for more jobs