Found this courtesy of WSJ article last month. The Maari oilfield, off New Zealand's North Island, produces an average of 12, 000 barrels of oil a day and is expected to surpass 20 million barrels in production sometime in October-November, he said. OMV New Zealand became operator of the field 2002. Output started in February 2009.
The company is planning investments of between 400 million New Zealand dollars ($323 million) and NZ$500 million over 2013 and 2014 to drill new wells and upgrade and refurbish old ones, he said.
It is already in talks to hire two rigs--a jack-up and a semi-submersible--for drilling development and exploration wells.
While the company is ready to start as soon as it gets a suitable rig, Mr. Zeilinger expects the earliest start date may be in the third quarter of 2013. OMV as operator have 69% of Maari. CUE has 5%. If costs are proportioned CUE would be up for NZ$29m to NZ$36m if my interpretation is correct. Any comments.
CUE Price at posting:
14.0¢ Sentiment: None Disclosure: Held
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