NZOG Seeking to Farm-Out Stake



New Zealand O&G is seeking to farm-out a portion of its 100% stake in license PEP 51311, located to the west and south of the Kupe development and spans 123,553 acres (500 square kilometers). New 2D seismic shot in February 2009 has identified a number of leads and prospects, including the Kaupokonui prospect. This prospect is a stacked series of Moutueka coastal sands, which are laterally truncated and sealed by deep canyons, according to NZOG. A site survey was performed over the proposed Kaupokonui, and is estimated to hold mean prospective resources in the amount of 200 million barrels. A commitment from a company is required by January 2011 to drill a well within the following 12 months.

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