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

 


NZ Oil & Gas buys into three Taranaki permits from Octanex

NZ Oil & Gas buys interests in three Taranaki permits from ASX-listed Octanex

Nov. 28 (BusinessDesk) - New Zealand Oil & Gas has agreed to acquire interests in three offshore Taranaki permits from ASX-listed Octanex for US$12.5 million plus a share of seismic costs.

The company will pay US$12.5 million for a 12.5 percent interest in PE51906 which holds the Makatu prospect and is expected to be drilled in the second half of next year. Octanex will retain 22.5 percent and operator OMV holds 65 percent, NZ Oil & Gas said in a statement.

PEP 51906 covers 1,613 square kilometres adjacent and west of the Maui field. OMV has estimated mean recoverable resource for the Matuku prospect at around 65 million barrels.

OMV is currently seeking a semi-submersible rig to drill an exploration well in the Matuku prospect before the end of 2013.

If the exploration is successful and an appraisal well is drilled at Matuku, NZ Oil & Gas or Octanex can exercise an option to increase NZ Oil and Gas’s interest by a further 5 percent to 17.5 percent. In return it would pay Octanex’s share of the appraisal well.

NZOG is also acquiring a 50 percent interest in PEP 53473 that covers 853 square kilometres north of Tui, paying for the interest by funding 75 percent of the seismic programme costs. The seismic evaluation has to be completed by March 2014.

It will also take 50 percent of PEP 52593, which covers 3,509 square kilometres in offshore Taranaki by meeting 60 percent of the seismic costs. The agreement is subject to regulatory approvals.

“These new acquisitions sit well within NZOG’s New Zealand exploration portfolio, as they build on the knowledge base developed from NZOG’s Taranaki history and provide exposure to the developing western fairway,” chief executive Andrew Knight said in the statement.

Shares of NZ Oil & Gas rose 0.6 percent to 87.5 cents on the NZX and have gained 23 percent this year. The shares are rated ‘outperform’ based on the consensus of six recommendations compiled by Reuters.

Octanex last traded at 18.5 Australian cents on the ASX and has fallen 12 percent in the past 12 months.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Balance Of Trade: NZ Posts Trade Deficit In October On Falling Dairy Exports

New Zealand’s posted its largest monthly trade deficit for October in six years, while narrowing the shortfall from September, led by a fall in dairy exports to China while all main imports into the country rose. More>>

ALSO:

Gigatown Winner: Plenty Of Positives For Dunedin

Although the city has taken the Gigatown title, along with new ultrafast 1Gbps broadband and funding for $700,000 worth of UFB-related initiatives across the community, Mr Cull says Dunedin has gained so much more through its involvement. More>>

ALSO:

R18: The Warehouse Group Praised For Removing Games

The decision by New Zealand’s largest retailer The Warehouse Group (TW Group), to withdraw stocks of the latest version of Grand Theft Auto V (GTA V) and other R18 games, has been praised by advocacy group Stop Demand Foundation. More>>

ALSO:

Air NZ Wine Awards: Victory For Villa Maria As Pinot Noir Thrills

It was a night to remember as Villa Maria Estate picked up one of the highest accolades of the evening, the O-I New Zealand Reserve Wine of the Show Trophy, at the 28th Air New Zealand Wine Awards. The Villa Maria Single Vineyard Southern Clays Marlborough ... More>>

ALSO:

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news