Friday 25th March 2011
|Text too small?|
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.
No comments yet
New Zealand Rural Land Company Limited (NZX: NZL) Agreement to acquire large scale dairy asset portfolio
EROAD Limited (NZX: ERD) launches Clarity Solo Dashcam
22nd October 2021 Morning Report
Pictor ready to roll out game-changing COVID antibody test in New Zealand
Scott Technology Limited (NZX: SCT) Announces FY21 Results
21st October 2021 Morning Report
Greenfern Industries Limited (NZX: GFI) L&Q Notice
TruScreen Group Limited (NZX: TRU) Clinical Trial Results Highlight Efficacy of TRU Technology
20th October 2021 Morning Report
Freightways Limited (NZX: FRE) Acquisition of ProducePronto