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- Release Date: 16/05/13 17:29
- Summary: MINE: NZO: NZ Oil & Gas returns to Canterbury Basin
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NZO
16/05/2013 15:29
MINE
REL: 1529 HRS New Zealand Oil and Gas Limited
MINE: NZO: NZ Oil & Gas returns to Canterbury Basin
New Zealand Oil & Gas has acquired a 50 per cent interest in PEP 52717
(Clipper) from Beach Petroleum (NZ) Pty Ltd, a subsidiary of ASX-listed Beach
Energy.
New Zealand Oil & Gas will become the operator of the permit, which is off
the Canterbury coast.
The partners have committed to acquiring at least 600 square kilometres of 3D
seismic by October next year.
The new permit restores exposure to the prospectivity of the Canterbury Basin
with an established partner on ground floor terms.
The deal is subject to regulatory approval.
Beach was recently granted an extension to PEP 52717 that largely
incorporates the Barque structure and a related lead. It is mapped to extend
across the previous southern boundary of the permit. An area of low
prospectivity in the northwest of the original PEP 52717 was surrendered so
as to approximately maintain the overall area of the permit.
Extensive 2D seismic surveys were conducted in the Canterbury Basin in the
1970s and 1980s before the only existing well in the block, Clipper-1, was
drilled by BP in 1984, recovering samples of hydrocarbon gas during wireline
logging from a depth of over 4000m.
Today the Canterbury and Great South Basin system is the major focus for
frontier conventional oil and gas exploration in New Zealand, with drilling
in an adjacent permit scheduled for early next year.
Beach Energy is also a partner with New Zealand Oil & Gas in the Kaheru
prospect (PEP52181), offshore South Taranaki.
End CA:00236320 For:NZO Type:MINE Time:2013-05-16 15:29:36
