wgr - buys into largest undeveloped nz oil field Announced this...

wgr - buys into largest undeveloped nz oil field Announced this morning that it's joint venture with CPC has bought into the largest undeveloped oil field in NZ.

Part of ASX announcment this morning
"to announce that Delta Oil Taranaki Pty Ltd ("Delta"), a wholly owned subsidiary of Delta Oilfield Developments Limited (Westgold's joint 50/50 subsidiary with Carpenter Pacific Resources NL, ASX code "CPC")
has today executed a Farmin Agreement with Todd Petroleum Mining Company Limited ("TPM") to acquire a 5% interest in petroleum exploration permit PEP38413 in the offshore Taranaki Basin in New Zealand, which contains the Maari and Manaia oil fields.

A planned 2 to 3 week appraisal well (Maari-2) was spudded on the morning of January 10, 2003 using the semi-submersible Ocean Bounty, with a positive result from this well likely to confirm sufficient recoverable oil volumes in the Maari field to underpin a development
decision which may be made as early as the 1 st half of 2004."

The investments made in ARQ and VOY have done very well in a short period of time. They bought into ARQ at around 47 cents average and about 50% up on that investment in under 3 months. In the case of VOY they were in at aroudn 24 and it's about 30% up in a month. Hopefully this indicates some skill on behalf of the new managment and the NZ investment is also a good one. Anyone have any knowledge of the NZ Maari oil field in question?

I hold WGR and CPC.

Any opinions?

Cheers
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