Bidding Round for Canterbury Basin Closes in May

The bidding round for the Canterbury Basin acreage on and offshore New Zealand closes May 30, 2003. This licensing round offers the opportunity to obtain exploration rights on "ground floor" terms. Five blocks (two onshore and three offshore) are on offer for work program-based permit applications.

The bidding round covers an area containing two existing offshore discoveries with test flow rates of up to 10 million cubic feet of gas and 2300 barrels of condensate per day.

The blocks have an existing and available seismic and well database; mapped prospects and leads; and amplitude anomalies. Structural and stratigraphic targets are located in and adjacent to a confirmed hydrocarbon kitchen area and on modeled migration pathways.