New Zealand-based exploration company Widespread Energy Ltd has been awarded an offshore West Coast South Island exploration. The little explored PEP 50539 area covers 3,269 sq km with its northern boundary approximately 40 km north of Greymouth and its southern boundary 10 km south of Hokitika.
Chris Castle, chairman of Widespread Energy, said his company plans in the next year to reprocess 200 km of seismic data for integration with the existing digital data set, map selected geological horizons, investigate thermal history to ascertain the timing and quantity of oil and gas generation, and develop an inventory of exploration leads and prospects.
He said that depending on the results, he anticipates a joint venture would be formed to fund and conduct subsequent work including seismic acquisition and exploration drilling.
Reprocessing of seismic lines across Widespread's onshore West Coast PEP 38526 permit (including the Kotuku oil seeps) has recently been completed, and the re-evaluation of sub-surface structure is under way.
Widespread Energy is also a 10% shareholder in Green Gate Ltd, which has exploration permits in North Canterbury and the Murchison area on the West Coast.
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