NZEC Relinquishes PEP 52976 Permit in New Zealand's East Coast Basin

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.


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.

Related Companies

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Project Manager, Oil and Gas
Expertise: Petroleum Engineering|Project Management
Location: West Chicago, IL
Business Development Manager
Expertise: Business Development|Construction Manager
Location: Portland, OR
Business Development Manager
Expertise: Business Development|Construction Manager
Location: Denver, CO
search for more jobs

Brent Crude Oil : $51.78/BBL 0.77%
Light Crude Oil : $50.85/BBL 0.83%
Natural Gas : $2.99/MMBtu 4.77%
Updated in last 24 hours