Raisama Withdraws from Farm-In Agreement Offshore New Zealand

New Zealand Oil & Gas (NZOG) revealed Wednesday that Raisama Energy is withdrawing from its farm-in agreement to participate in drilling the Kakapo structure in PEP 51311, offshore Taranaki Basin.

NZOG noted in its statement that Raisama acquired the opportunity to earn a ten percent interest in the prospect by paying 20 percent of drilling costs up to $3.1 million (AUD 3 million) and 10 percent after that.

"As the well has not yet been drilled, Raisama's withdrawal means it will not incur these costs," NZOG said in its disclosure.

NZOG is at present, seeking further farm-in partners and a drilling rig on suitable terms.


Click on the button below to add a comment.
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.


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
United States Houston: Account Rep, Bus Dev, Sr
Expertise: Business Development|Sales
Location: Houston, TX
Business Development Manager
Expertise: Business Development|Construction Manager|Sales
Location: Tempe, AZ
SXL- Manager, Business Development
Expertise: Business Development
Location: Newtown Square, PA
search for more jobs

Brent Crude Oil : $49.98/BBL 1.59%
Light Crude Oil : $49.18/BBL 1.56%
Natural Gas : $2.73/MMBtu 1.44%
Updated in last 24 hours