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NZO
25/07/2013 10:20
MINE
REL: 1020 HRS New Zealand Oil and Gas Limited
MINE: NZO: Permit relinquished
New Zealand Oil & Gas has relinquished Petroleum Exploration Permit 51311,
which contains the Kakapo prospect.
NZ Oil & Gas holds a 100 per cent interest in PEP 51311. CEO Andrew Knight
says at that level of exposure the permit did not fit the NZ Oil & Gas
portfolio at a time when activity is stepping up.
"While we are still enthusiastic about Kakapo and would love to drill it, it
doesn't fit our portfolio at 100% exposure when there is so much other
activity underway.
"We have made strenuous efforts to find a farmin partner to share the
investment risk. While interest in New Zealand's prospective basins continues
to grow, it has not been possible to farm out the prospect and secure a
suitable rig contract before a deadline at the end of July.
"NZ Oil & Gas is heavily committed to New Zealand and we are excited about
the upcoming season when there will be an unprecedented level of drilling
activity around New Zealand. For example, we are involved in drilling
offshore Taranaki before the end of the year at Matuku and Tui and we are the
Operator of Kaheru, where plans to drill in the summer of 2014-15 are
advancing."
NZ Oil & Gas will release its quarterly result on Friday.
John Pagani
External Relations Manager
M: +64 21 570 872
T: +64 4 471 8333
End CA:00238958 For:NZO Type:MINE Time:2013-07-25 10:20:19
