Canterbury Basin Licensing Round Closes May 30th

The Canterbury Basin exploration permit bidding round, which offers the opportunity to obtain exploration rights on "ground floor" terms, closes at 5.00 pm on May 30, 2003. Five blocks (two onshore and three offshore) are open to 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 mmscf/d of gas and 2300 bbls/d of condensate.

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 modelled migration pathways.

The Canterbury round is the first of four planned bidding rounds over the next year aimed at providing attractive opportunities for the increasing interest by international explorers in New Zealand.

New Zealand is now the 13th most attractive country in the world for petroleum investment, according to the latest 2003 international survey by the IHS Energy Group. New Zealand's standing has risen from 36th place in 1999 to its current level.