Todd Petroleum Granted Karewa Appraisal Extension

Todd Petroleum Mining Co. Ltd has been granted an extension to the duration of a small part of the Northland offshore PEP 38602 permit to allow for appraisal of a discovery made at Karewa-1 in December 2002.

The appraisal extension has been granted for a period of up to four years, and under the work program Todd must acquire 200 km of 2-D seismic over the area within the first 12 months of the extended term.

Karewa-1 was drilled near the extreme southern boundary of the permit, 46 km offshore from Kawhia Harbour, by the semi-submersible rig Ocean Bounty for operator ConocoPhillips (UK) Ltd, and its partners Inpex Northland Ltd and Todd Petroleum. Todd Petroleum said last year that Karewa-1 would target Mangaa Formation sandstones at a depth of about 2000 m.

ConocoPhillips and Inpex Northland Ltd have now withdrawn from the 48,864 sq km permit and Todd Petroleum Mining Co Ltd, as the sole remaining party in the permit, has become operator and 100% interest holder of a 244 sq km appraisal extension area of PEP 38602 around the Karewa prospect.