OMV Scoops Up License Offshore New Zealand

OMV New Zealand announced that it will farm into PEP 51906 currently held by Octanex N.L, a wholly owned subsidiary of ASX listed company Octanex. Subject to government approval, the farm-in arrangement will see OMV New Zealand take on a 65% share and become the operator of the license. Octanex NL retains a 35% share and will be free carried through certain agreed phases of exploration.

Under the agreement, OMV New Zealand will reimburse Octanex for exploration costs incurred by Octanex to date in relation to PEP 51906 up to maximum of NZD 1 million. In addition, OMV New Zealand will also fund a 3D seismic program which is scheduled to begin in May.

Wayne Kirk, Managing Director for OMV New Zealand stated, "This exploration license strengthens our position in the Taranaki Basin in particular and supports our goal to grow our holdings in New Zealand in general. New Zealand contributes significantly to overall OMV production and is an integral part of the OMV global portfolio."

The license covers an area of 1613 km2 and is adjacent to the Maari oil field and the Maui gas field. License PEP 51906 was originally awarded in 2009 for a 5-year period and includes a commitment to drill date of May 2013.