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- Release Date: 13/03/14 17:41
- Summary: MINE: NZO: Additional Kupe field development opportunities
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NZO
13/03/2014 15:41
MINE
REL: 1541 HRS New Zealand Oil and Gas Limited
MINE: NZO: Additional Kupe field development opportunities
New Zealand Oil & Gas advises that an estimate has been published relating to
contingent and prospective resources that may be available from additional
development within the Kupe field in Petroleum Mining Licence 38146, located
in offshore Taranaki, New Zealand.
Gaffney Cline & Associates were commissioned as part of the Genesis Energy
IPO process to undertake an independent expert assessment of the reserves,
and contingent and prospective resources, within the producing Kupe field.
The assessment has been made public and relevant information is available at
https://www.genesisenergyshares.govt.nz
The figures released as part of the Genesis Energy IPO process reflect the
independent analysis.
As advised in the release of the New Zealand Oil & Gas half-year result on 19
February, extracting more value from existing producing assets is a focus for
New Zealand Oil & Gas's growth this year. Work is underway to assess
prospects for recovery of additional resources from Kupe. This work is still
at a conceptual stage.
New Zealand Oil & Gas continues to work with the Kupe field operator and
other JV partners to assess the potential for additional development
opportunities. This work is expected to take around 12 months..
New Zealand Oil & Gas has a 15 per cent interest in the Kupe field. Genesis
Energy has a 31 per cent share (through subsidiaries). The other partners in
the field are Origin Energy (50 per cent, Operator), and Mitsui E&P Australia
Pty (4 per cent).
The Kupe field is about 30 kilometres off the coast of Taranaki in around 35
metres of water. Production from the field began in December 2009.
John Pagani
External Relations Manager
+64 21 570 872
End CA:00248174 For:NZO Type:MINE Time:2014-03-13 15:41:07
