NZO new zealand oil & gas ltd ordinary shares

Ann: MINE: NZO: NZOG extends New Zealand explorat

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    • Release Date: 11/12/12 12:45
    • Summary: MINE: NZO: NZOG extends New Zealand exploration portfolio
    • Price Sensitive: No
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    NZO
    11/12/2012 10:45
    MINE
    
    REL: 1045 HRS New Zealand Oil and Gas Limited
    
    MINE: NZO: NZOG extends New Zealand exploration portfolio
    
    Plans to step up New Zealand Oil & Gas's exploration activity have moved
    ahead again today with the award of two new exploration permits from the New
    Zealand Government's 2012 Blocks Offer.
    
    NZ Petroleum and Minerals has advised NZOG has been awarded new exploration
    permits for two blocks covering around 635 square kilometres.
    
    The blocks awarded are:
    o Onshore Taranaki: 12TAR- 07 (PEP 54867);
    o Offshore Taranaki: 12TAR-08 (PEP54857).
    
    [See map, attached.]
    
    Chief Executive Andrew Knight says NZOG sought blocks that leveraged the
    company's New Zealand exploration expertise and complemented its existing
    investment portfolio.
    
    "The new blocks include an expansion of NZOG's offshore Taranaki activity,
    and a return to onshore Taranaki in conjunction with an established operator
    there.
    
    "Exploration is the core of NZOG's business. As New Zealand's largest
    publicly listed oil and gas company, and with one of the most diverse
    shareholder bases on the NZX, the growth of our exploration portfolio means
    we now have a large and diverse set of New Zealand exploration
    opportunities."
    
    In other recent developments, NZOG announced a farm-in to three offshore
    Taranaki permits, including the Matuku Prospect where operator OMV has
    confirmed it has secured a semisubmersible rig to drill in the third quarter
    of 2013. NZOG has also announced it farmed out its Kaheru prospect, and
    confirmed an intention to drill its Kakapo prospect, both in South Taranaki.
    
    Block details
    
    Block 12TAR7 (NZOG 40 per cent; NZEC 60 per cent, Operator) covers just over
    a hundred square kilometres in the central part of South Taranaki adjacent to
    the coast. There has been only limited exploration in this extensive tract
    and no wells have been drilled in it. The first 18 months of the permits'
    duration will see the joint venture acquiring 70km of 2D seismic data.
    
    Block 12TAR8 (NZOG 100 per cent, Operator) is off shore Taranaki's south
    coast covering around 525 square kilometres north of NZOG's Kakapo prospect
    in PEP 51311. No wells have been drilled in this permit. The block lies
    within the source kitchen for the Maui and Maari oil and gas fields. A 400km
    2D seismic survey will be shot within a two-year period, with a well to be
    drilled within five years.
    End CA:00230959 For:NZO    Type:MINE       Time:2012-12-11 10:45:11
    				
 
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