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- Release Date: 05/12/13 14:34
- Summary: MINE: NZO: New permits in 2013 Block Offer
- Price Sensitive: No
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NZO
05/12/2013 12:34
MINE
REL: 1234 HRS New Zealand Oil and Gas Limited
MINE: NZO: New permits in 2013 Block Offer
New Zealand Oil & Gas has acquired interests in three new permits in the New
Zealand Government's 2013 Block Offer; one off Taranaki, one off Canterbury
and the third in the Great South Basin.
PEP 55793 'Vulcan' in offshore Taranaki covers 2418 km2. PEP 55794 'Toroa' in
the Great South Basin south east of the South Island covers 9835 km2. New
Zealand Oil & Gas, New Zealand's largest listed explorer, has a 30 per cent
interest in each of these permits. New country entrant, Woodside, has a 70
per cent interest and will be operator.
"The new joint ventures are a good mix of our local knowledge and Woodside's
deepwater exploration capability, " New Zealand Oil & Gas chief executive
Andrew Knight said.
"New Zealand Oil & Gas has been eying substantial targets within the new
permits. Two wells have previously been drilled in PEP 55794 and encountered
non-commercial hydrocarbon shows. PEP 55793 is a true frontier permit with
substantial unexplored leads.
"The involvement of Woodside as operator will deliver operational capability
to combine with our understanding of local conditions."
New Zealand Oil & Gas has also been awarded 100% of PEP 55792 'Galleon' off
Canterbury. Galleon is immediately south of the Clipper permit, where New
Zealand Oil & Gas has a 50 per cent interest. A modest seismic programme is
planned in Galleon.
Andrew Knight says the new permits increase the company's exposure to New
Zealand's frontier basins.
"They bring higher investment risk with greater prospective resources."
John Pagani
External Relations Manager
M: +64 21 570 872
End CA:00244782 For:NZO Type:MINE Time:2013-12-05 12:34:04
