New Zealand Grants Permit Between Maari, Maui Fields to Octanex

Octanex NL subsidiary Octanex NZ Ltd has been awarded its first New Zealand exploration permit between three offshore Taranaki commercial fields: Tui; Maui, and Maari.

Octanex says it believes there is real potential in a deeper part of the Kea feature about 15 km north of the Maari oil field. In addition to the Kea Deep, the Kakapo, Toke and Matuku features will be examined.

The work program initially requires the company to acquire up to 1,000 km of new 2D seismic data in addition to reprocessing 1,500 km of data.

Octanex holds working interests in 10 Australian offshore exploration permits.

A number of directors and management of Octanex have had a long association with petroleum exploration in New Zealand.

Chairman and managing director Geoffrey Albers is a director of Cue Energy Resources, which is a partner in the Maari oil field. He was co-founder of a former New Zealand exploration company Southern Petroleum.

James Willis, a former upstream oil and gas specialist with the legal firm of Bell Gully in New Zealand, now works as a managing director of the Albers Group of companies.