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NZO
27/06/2012 10:02
GENERAL
REL: 1002 HRS New Zealand Oil and Gas Limited
GENERAL: NZO: Kupe reserves review
NZOG (New Zealand Oil & Gas Ltd) has this morning received from the Operator
of the Kupe gas and oil field, Origin Energy, the preliminary results of a
reserves review.
This preliminary information suggests that the estimate of remaining Kupe
reserves may need to be further increased.
The information supplied today will be independently assessed by NZOG and by
the other Kupe joint venture partners, with the intention of reaching an
agreed position by mid July, when a detailed announcement will be made.
Background information:
The Kupe gas and oil field lies 30km off the south Taranaki coast. Through an
onshore production station near Hawera it has been producing natural gas, LPG
and light oil since December 2009.
In July 2010, the initial proved and probable (2P) reserves were revised
upward to 273 PJ of sales gas, 1,114 kilotonnes of LPG and 18.6 million
barrels of light oil.
Kupe joint venture participants are:
Origin Energy Resources (Kupe) Ltd 50 per cent (Operator)
Genesis Energy 31 per cent
New Zealand Oil & Gas Ltd 15 per cent
Mitsui E&P Australia Pty Ltd 4 per cent
End CA:00224325 For:NZO Type:GENERAL Time:2012-06-27 10:02:25
