OMV, Partners Get MED Nod for Seismic Acquisition at GSB

OMV New Zealand and its Joint Venture partners have confirmed that applications to modify the current work commitments to include the acquisition of 3D seismic data and/or drilling in their Great South Basin exploration permits were approved by MED on March 25, 2011.

The number of commitments in each permit remains the same, as does the decision date for confirmation of the commitments.

"Allowing for either drilling and/or 3D seismic acquisition during the next phase of work gives us greater flexibility as we work through our next steps," Managing Director for OMV New Zealand, Dr Wayne Kirk explained.

"It’s important to note that very little was known about the Great South Basin geology when OMV and its Joint Venture partners were awarded the permits in July 2007."

Since then, the Joint Venture has acquired 16,000 km of 2D seismic data in 2008, plus an additional 2,600 km of 2D seismic data in 2010.

"We’ve now evaluated this data and believe that there are a number of prospective areas which may benefit from 3D seismic definition prior to drilling."

Dr Kirk reiterated that the Joint Venture continues working towards the July 10th decision date, but no final decisions over drilling, 3D seismic or individual license continuations have been made.

If the decision is made to commit to further work, the activity must occur by July 10th 2012.

The Great South Basin permits 50119, 50120 and 50121 are held by OMV NZ Ltd (Operator, 36%), PTTEP NZ Ltd (36%) and Mitsui E & P Australia Pty Ltd (28%).