New Zealand Petroleum & Minerals (NZP&M) granted New Zealand Energy Corp.'s (NZEC) applications to extend the term for the Tariki (PML 38138), Waihapa (PML 38140) and Ngaere (PML 38141) licenses in the country.
Regulator NZP&M extended the licenses for Waihapa and Ngaere for a period of 20 years (from June 19), while that for the Tariki PML has been extended for a period of 5 years from July 20.
Under the extension, the work programs for the Waihapa and Ngaere PMLs include reservoir modelling, field development work and a comprehensive evaluation of prospectivity together with a requirement to restore the Waihapa 1B well in the Waihap PML to production and implement an enhanced oil recovery project in the Ngaere PML.
The agreed work program for the Tariki PML requires the permit owners to complete dynamic reservoir modelling, determine the economic viability of the permit resource and either commit to implementation of the preferred development project or surrender the permit.
“We are very pleased to have received NZP&M approval of our PML extension applications which now enable the permit owners to move forward with our field development plans,” NZEC Chairman James Willis said in Friday's announcement.
NZEC operates each PML with a 50 percent interest, while L&M Energy Ltd. hold the remaining 50 percent.
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