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NZO
23/10/2012 10:43
GENERAL
REL: 1043 HRS New Zealand Oil and Gas Limited
GENERAL: NZO: PEP 38451
New Zealand Oil & Gas Limited will not proceed with a conditional agreement
to acquire a 6.667 per cent interest in Petroleum Exploration Permit 38451
(Romney).
The acquisition was subject to pre-emption by existing partners, which they
have exercised. Prior to the exercise Anadarko had 50 per cent and is the
operator, and Hyundai Hysco had 33.333 per cent.
PEP 38451 is the first exploration permit granted over the deepwater
extension to Taranaki Basin.
Chief executive Andrew Knight says the pre-emption reflects the high
potential of the permit.
"PEP 38451 covers 16,380 km2 and includes multiple prospects and leads. The
existing partners have the opportunity to access the interest NZOG negotiated
and have taken it.
"NZOG is working on building itself to become the partner of choice for
exploration in New Zealand so that, in future, a widely New Zealand-owned
company can be involved in the opportunities deepwater exploration in New
Zealand offer."
End CA:00228742 For:NZO Type:GENERAL Time:2012-10-23 10:43:41
