NZOG (New Zealand Oil & Gas Ltd) has been awarded a new exploration permit off the Taranaki coast.
Petroleum Exploration Permit (PEP) 51988 covers a 1,138 square kilometer area in the northern Taranaki Basin.
The permit is located in an area adjacent and to the north of PEP 38491 containing the recently drilled Albacore prospect which encountered non-commercial traces of hydrocarbons.
There is a large amount of existing seismic and well data on the license gathered over forty years by a range of operators, including Fletcher Challenge and Todd Energy.
NZOG CEO David Salisbury commented, "This permit is a further step in the ongoing building of NZOG's exploration portfolio, targeting quality acreage that will generate a portfolio of prospects, from which to choose the best for drilling."
NZOG will operate the license and holds a 100 percent stake in the permit.
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