Canada's New Zealand Energy Corp. (NZEC or the Company), an oil and gas exploration and production firm focused reported Thursday that the Company has relinquished petroleum exploration permit (PEP) 52976 (East Cape) in the East Coast Basin of New Zealand’s North Island.
“NZEC is focused on its Taranaki Basin permits that offer near-term production potential. The Company does not consider that exploitation of the East Cape permit area is viable in the current commodity price environment,” said James Willis, Chairman.
NZEC had indicated earlier that the initial exploration term for the East Cape permit gives the company until December 2018 to undertake exploration activities and unlock the potential of the unconventional oil shales.
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