Work plan for Great Southern Basin tweaked

Friday 8th April 2011 1 Comment

The work plan for exploration permits held by a joint venture in the Great South Basin is being tweaked ahead of decisions on drilling.

The partners believe that there are a number of prospective areas which may benefit from 3D seismic definition prior to drilling and applications to modify the current work commitments to include the acquisition of 3D seismic data and or drilling in the permits were approved by the Ministry of Economic Development on March 25.

The Great South Basin permits are held by OMV NZ Ltd, which is operator of the project and has a 36 percent interest, PTTEP NZ Ltd has 36% and Mitsui E & P Australia Pty has 28%.

"Allowing for either drilling and or 3D seismic acquisition during the next phase of work gives us greater flexibility as we work through our next steps," managing director for OMV New Zealand, Wayne Kirk said.

The joint venture wants to make a decision to commit to further work by July 10th.

The Great South Basin is south of the South Island.

NZPA

Comments from our readers

On 8 April 2011 at 4:33 pm Neil said:

This sounds interesting. I remember the float of Southern Petroleum before the three wells drilled.There were lots of stories, all indicate oil was struck but in difficult locations. The shareholders paid for tests etc and probably won't get in this time.My picking is there will be a strike of some type.