Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Fletcher Challenge Energy in New Exploration

Fletcher Challenge Energy in New Exploration Acreage

18 July 2000, Auckland – As a further step in its exploration portfolio restructuring, Fletcher Challenge Energy has increased its exploration acreage in New Zealand by acquiring a 30 per cent interest in exploration license area PEP 38728 in onshore Taranaki, New Zealand.

The interest, acquired from Marabella Enterprises Ltd (a wholly owned subsidiary of Bligh Oil & Minerals NL), will be earned through the acquisition of seismic data.

“This farm-in is part of our rebuilding of a meaningful exploration business in New Zealand and internationally. The exploration licence is well located, being between the recently discovered Rimu field and our producing Waihapa field” said Mr Rick Webber, General Manager, New Zealand for Fletcher Challenge Energy.

After the farm-in is complete the interests in PEP 38728 will be as follows:

Marabella Enterprises Limited (Operator) 40%
Fletcher Challenge Energy 30%
Origin Energy Resources NZ Limited 30%

In a related deal Fletcher Challenge Energy and Marabella have agreed in principle for Marabella to acquire a 10 per cent interest in PEP 38718 from Fletcher Challenge Energy. This block, which was previously 100 per cent held by Fletcher Challenge Energy, contains the Tuihu prospect to be drilled later this year. “We are very encouraged by the potential of the Tuihu prospect and are in the process of securing the long lead-time items required for the drilling of this well” said Mr Webber.

“The deals, in association with the recent relinquishment of its interest in PEP 38462, and the portfolio changes in Canada reflect Fletcher Challenge Energy’s clear intention to improve the level and quality of its exploration business globally” said Lloyd Taylor, Chief Operating Officer, Fletcher Challenge Energy.

# # #
For more information contact:
Rick Webber
General Manager, New Zealand
Fletcher Challenge Energy
Tel: 64 9 525 9082 or 025 858 881

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news