New Zealand Oil & Gas Ltd. disclosed Friday that it has acquired interests in three new permits in New Zealand in the New Zealand Government’s 2013 Block Offer; one off Taranaki, one off Canterbury and the third in the Great South Basin.
Petroleum Exploration Permit (PEP) 55793 'Vulcan' in offshore Taranaki covers 933 square miles (2,418 square kilometers). PEP 55794 'Toroa' in the Great South Basin south east of the South Island covers 3,797 square miles (9,835 square kilometers). New Zealand Oil & Gas, New Zealand’s largest listed explorer, has a 30 percent interest in each of these permits. New country entrant, Woodside, has a 70 percent interest and will be operator.
“The new joint ventures are a good mix of our local knowledge and Woodside’s deepwater exploration capability, ” New Zealand Oil & Gas chief executive Andrew Knight said. “New Zealand Oil & Gas has been eying substantial targets within the new permits.
Two wells have previously been drilled in PEP 55794 and encountered non-commercial hydrocarbon shows. PEP 55793 is a true frontier permit with substantial unexplored leads. “The involvement of Woodside as operator will deliver operational capability to combine with our understanding of local conditions.”
New Zealand Oil & Gas has also been awarded 100 percent of PEP 55792 'Galleon' off Canterbury. Galleon is immediately south of the Clipper permit, where New Zealand Oil & Gas has a 50 percent interest. A modest seismic program is planned in Galleon.
Andrew Knight says the new permits increase the company’s exposure to New Zealand’s frontier basins.
“They bring higher investment risk with greater prospective resources.”
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