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New exploration area for OMV offshore from Taranaki

Wednesday 6th July 2011

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Austrian oil company OMV is the major stakeholder in an exploration licence awarded for 1146sq km of offshore Taranaki.

The area is to the west of a 1613sq km licence held by the same joint venture where a seismic survey was nearly completed, OMV New Zealand said today.

It was intended to use the seismic vessel doing that work to start a 2D seismic survey in the new area, where work commitments included 2D and 3D seismic acquisition and reprocessing, with a "drill or drop" commitment due in July 2013.

OMV has a 65 percent interest in both the exploration areas, with Octanex NZ having 35 percent.

The OMV-operated Maari oilfield is 25km to the southeast of the new exploration area.

"OMV has been involved in the Taranaki region since first coming to New Zealand in 1999 and it remains a cornerstone of our New Zealand operations, in terms of both production and exploration," OMV New Zealand managing director Peter Zeilinger said.

OMV also has a 36 percent stake in a joint venture which has a permit for a 130,000sq km offshore area in the Great South Basin. Yesterday it announced it had asked for a two-month extension to the required timetable for making a decision on its next move in the area.

NZPA



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