NZO
13/02/2013 08:48
MINE
REL: 0848 HRS New Zealand Oil and Gas Limited
MINE: NZO: Raisama withdraws from Kakapo Farm-in
New Zealand Oil & Gas has been advised that Raisama Energy Limited is
withdrawing from its farm-in arrangement to participate in drilling the
Kakapo structure in PEP 51311, offshore Taranaki Basin.
Raisama had acquired the opportunity to earn a 10 per cent interest in the
prospect by paying 20 per cent of drilling costs up to $3 million and 10 per
cent after that. As the well has not yet been drilled, Raisama's withdrawal
means it won't incur these costs.
Chief executive Andrew Knight says New Zealand Oil & Gas continues to seek
further farm-in partners and a drilling rig on suitable terms.
"New Zealand Oil & Gas believes the Kakapo prospect looks attractive as part
of a portfolio of opportunities," he said.
End CA:00232859 For:NZO Type:MINE Time:2013-02-13 08:48:27
Price at posting:
94.5¢ Sentiment: None Disclosure: Held
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