New Zealand Grants Exploration Permit to ROC, JV Partners
The New Zealand Ministry of Economic Development has granted to ROC and its joint venture partners exploration permit PEP52181, offshore Taranaki.
PEP52181 contains the Kaheru prospect, which is on trend with the Rimu oil and gas field and Kauri gas and condensate field. The Kaheru prospect has the potential for oil and/or gas-condensate being trapped at several reservoir levels within the structure. The prospect has 3D seismic coverage and the agreed work program for the five-year term includes an exploration well (Kaheru-1) in year three.
ROC will operate the 171.5km2 permit.
Participating interests in PEP52181 will be:
- Roc Oil (New Zealand - Operator) 50%
- Mighty River Power Gas Investments 20%
- L&M Energy 15%
- Mosaic Oil NL 15%
Commenting on the increased acreage position in New Zealand, ROC's Chief Executive Officer, Bruce Clement, stated, "Theaward of the new exploration block, located offshore southern Taranaki, is consistent with ROC's stated strategy of adding new exploration assets to the existing portfolio in the focus region of Australasia and SE Asia, especially through taking advantage of opportunities that may arise as a result of existing industry relationships."
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