L&M Energy crosses fingers for latest Taranaki seismic survey

Thursday 11th February 2010

L & M Energy hopes its latest acquisition of seismic data at its South Taranaki onshore location will this time prove profitable.

The Wellington-based company expects to acquire 54km of 2D seismic data over 10 days if current weather conditions continue on its almost 500 square kilometer permit 51151. It contains a number of previously identified oil and gas leads, and after data processing, work will delineate drillable targets said managing director John Bay.

“We are optimistic that drillable prospects will be defined,” he said. “Exploration in this permit fits well with our dual focus strategy of pursuing conventional exploration targets in proven basins close to producing fields in addition to our coal seam gas exploration programme and growth strategy.”

The permit provides potential for both shallow oil plays with a short term development time frame, and deeper gas-condensate plays with a longer term exploration/development time line he said.

The 50% participants in the permit are the operator L&M Energy, and Australian-based explorer Mosaic Oil NL.

Businesswire.co.nz

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