(Kahili) is located in the onshore Taranaki Basin. The participants in the permit are L&M Energy Limited (25%), and Australian based Mosaic Oil NZ Limited (75%), a wholly owned subsidiary of AGL Energy Limited. The Company is currently Operator of the permit. The joint venture has all regulatory and landowner access agreements in place, has completed surveying of the three 10km 2D seismic lines and has drilled and loaded 60% of seismic shot holes. Seismic data recording is expected to be completed in early May. Over 300km of existing 2D seismic data is currently being reprocessed and the entire seismic data package will be interpreted over the coming months with a view to identifying a suitable drilling target towards the end of the year. In parallel, the joint venture has entered into an agreement to gain access to the existing Kahili wellsite, ensuring that if in the event that wellsite is chosen as the preferred drilling location then there will be no impediment to progress.
LME Price at posting:
11.5¢ Sentiment: Hold Disclosure: Held
