Todd Acquires Large Permit in Southern Offshore Taranaki Bas

Todd Petroleum Mining Company has been awarded a large petroleum exploration permit in the south of the offshore Taranaki Basin, new Zealand. The permit PEP 38494 covers an area of 5341 sq km south of the Maui and Maari fields.

The permit contains identified leads from the Pakawau, Kapuni and Moki Formations.

Four wells were drilled in the area, including three in the 1970s by NZ Aquitaine Petroleum Ltd soon after the Maui field was discovered in 1969.

Though a considerable amount of seismic data was obtained in the area from the late 1960s to the mid-1980s, there has been little exploration in the area since then.