The 12,630 sq km permit is the largest petroleum exploration permit currently on issue in New Zealand. The promising Canterbury Basin now has five permits, four of them offshore.
Origin Energy Resources NZ Ltd holds 100% equity in PEP 38262, which runs about 400 km down the edge of the Canterbury Basin from Banks Peninsula (near Christchurch) to 100 km south of Dunedin adjoining the Great South Basin.
The southern two thirds of the permit lie mostly at water depths of between 1,000 m and 1,500 m, while the northern third is on a shelf of the Canterbury Basin that mostly lies under 250 m.
Under the work program, Origin will acquire a minimum of 1,000 km of regional 2D seismic data in the first 12 months of the permit. Within three years, a minimum of 500 km infill 2D seismic data must be acquired and an exploration well spudded within four years.
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