Todd Energy, ExxonMobil JV Pulls Out of Great South Basin Permit

WELLINGTON (Dow Jones Newswires), Oct. 11, 2010

A Todd Energy and ExxonMobil joint venture has surrendered its interest in permit PEP 50117 in the Great South Basin on New Zealand's South Island, Todd Energy said in a statement Monday.

"The Joint Venture's interpretation of the data indicates the acreage has a high technical risk, and this is further amplified by the remote location and the harsh operating environment," said Todd Energy Managing Director Richard Tweedie. The two companies began looking at the permit in July 2007.

Tweedie said the joint venture had sought interest from other potential partners but was unsuccessful.

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