OMV & NZOG Granted Offshore Permit West of Kupe

OMV New Zealand Ltd and New Zealand Oil & Gas Ltd have been awarded a new permit PEP 38484 immediately to the west of the Kupe oil and gas field. Both companies hold a 50% interest in the permit with OMV as operator.

NZOG said that targets in this permit include Miocene shelf sands in structural closures and also large stratigraphic traps.

Approximately 400 km of new seismic will be acquired and integrated with existing data. The objective is to firm up one or more prospects for drilling in 2005.

The current permit is a smaller area than that held by the two companies when they relinquished PEP 38472 late last year. NZOG said in its September 2003 quarter report it had identified a Gamma lead in the southeast of the permit.