NZO
30/09/2014 08:31
MINE
REL: 0831 HRS New Zealand Oil and Gas Limited
MINE: NZO: PEP 53473 Takapou
Petroleum Exploration Permit 53473 'Takapou' has been returned to the Crown
after the partners opted not to commit to drilling a well, which would have
been required by March 2016.
New Zealand Oil & Gas acquired a 50 per cent interest in the permit and
became operator in 2012. Octanex NL also held a 50 per cent interest.
New Zealand Oil & Gas continues to believe there is prospectivity in the
Takapou permit, but the market perceived the prospects as partially dependent
on the outcome of the Oi well earlier this year. In the absence of a smaller
financial interest in the permit, the company believes a drill commitment
would not fit the balance of risk and reward it seeks in its New Zealand
portfolio.
John Pagani
External Relations Manager
+64 21 570 872
End CA:00255839 For:NZO Type:MINE Time:2014-09-30 08:31:15
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