By Phil Boeyen, ShareChat Business News Editor
Thursday 7th September 2000
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The agreement gives Origin Energy a 20% participating interest in the area, and the option to earn a 25% participating interest in an adjacent licence.
FEG's chief executive, Greig Gailey, says the farm-out is consistent with the company's strategy to participate in a portfolio of exploration opportunities in a risk-spread manner.
"We are committed to growth through exploration as well as acquisition," he says.
The company says plans to drill Tuihu are well advanced with drilling expected to commence in mid-October. The primary reservoir objective of the well is the productive Tariki sandstone in the adjacent Tariki Field. Mean potential reserves for the prospect are estimated to be approximately 30 mmboe (million barrels of oil equivalent).
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