OMV Group to take 65% of Taranaki exploration permit

Friday 25th March 2011

The New Zealand subsidiary of Austrian energy company OMV Group is taking a 65% share in an exploration licence covering 1613sq km of offshore Taranaki next to the producing Maari and Maui fields.

A 3D seismic programme for the area was planned to start in May, OMV New Zealand said today.

Subject to government approval, OMV is to farm into licence PEP 51960, now held by Australian oil and gas explorer Octanex, which will retain a 35% share while OMV becomes the operator of the licence.

OMV will reimburse Octanex for exploration costs so far in the licence area, up to $1 million.

The licence was originally awarded in 2009 for five years and included a commitment to a drill date of May 2013.

OMV New Zealand managing director Wayne Kirk said the exploration licence strengthened the company's position in the Taranaki Basin, and supported its goal to increase its holdings in this country.

New Zealand contributed significantly to OMV production and was an integral part of the OMV global portfolio.

NZPA

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