Several Operators Return New Zealand Permits

Petroleum Resources Limited has returned two onshore southwest Taranaki permits PEP 38754 and 38755. Petroleum Resources holds a 100% stake in both permits which were awarded in August of 2002. PEP 38574 covers 64.211 square kilometers and PEP 38755 covers 118.573 square kilometers. The area covered in these permits will now be included in the next Taranaki Basin onshore permitting round which is expected to be advertised in 2004.

The offshore Taranaki permit PEP 38472 between the Maui and Kupe fields has also been surrendered. OMV and Stewart Petroleum each hold a 50 percent stake in this field which was acquired in February 2001. PEP 38472 covers 5025.90 square kilometers. The onshore Western Southland Permit PEP 38223 which was held equally by Geosphere Exploration and Thomasson International has also been surrendered. This permit covers an area of 3123.63 square kilometers.