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

 


OMV New Zealand joins PEP 51313 Joint Venture

OMV New Zealand

Media statement

28 November, 2012

OMV New Zealand joins PEP 51313 Joint Venture

OMV New Zealand has signed a farm-in agreement for a 30% interest in the PEP 51313 licence and will assume operatorship on or before 31 March, 2013. Including OMV New Zealand, the new 51313 Joint Venture (JV) partners consist of Todd Exploration Ltd (35%), Horizon Oil (New Zealand) Ltd (21%) and Cue Taranaki Pty Ltd (14%), also partners in the Maari JV. The farm-in agreement is subject to regulatory approval.

"This farm-in works well with our strategy to mature opportunities in the Taranaki Basin in general, and in particular, near our core area – the Maari field,” explained OMV New Zealand’s Managing Director, Peter Zeilinger.

As part of the farm-in agreement, OMV New Zealand will fund an initial single exploration well in the licence targeting the Whio prospect near the border between the 51313 licence and Maari permit area. The PEP 51313 licence covers 2,628 km2.

“A successful discovery at Whio could be developed using the existing facilities at Maari. This farm-in is an excellent opportunity to use existing facilities to develop additional resources and complements our other planned investments in and around the Maari field,” Mr Zeilinger said.

The Whio prospect is approximately 4 km from the Maari installations in a water depth of 95 metres. Subject to rig availability, drilling is expected to take place as part of OMV New Zealand’s campaign slated to begin during the New Zealand summer 2013/14.

In the case of a commercial discovery at the Whio prospect, OMV New Zealand’s share will increase to 69% under the farm-in agreement.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Houses (& Tobacco) Lead Inflation: CPI Up 0.3% In March Quarter

The consumers price index (CPI) rose 0.3 percent in the March 2014 quarter, Statistics New Zealand said today. Higher tobacco and housing prices were partly countered by seasonally cheaper international air fares, vegetables, and package holidays. More>>

ALSO:

Notoriously Reliable Predictions: Budget To Show Rise In Full-Time Income To 2018: English

This year’s Budget will forecast wage increases through to 2018 amounting to a $10,500 a year increase in average full time earnings over six years to $62,200 a year, says Finance Minister Bill English in a speech urging voters not to “put all of this at risk” by changing the government. More>>

ALSO:

Prices Up, Volume Down: March NZ House Sales Drop 10% As Loan Curbs Bite

New Zealand house sales dropped 10 percent in March from a year earlier as the Reserve Bank’s restrictions on low-equity mortgages continue to weigh on sales of cheaper property. More>>

ALSO:

Scoop Business: Chorus To Appeal Copper Pricing Judgment

Chorus will appeal a High Court ruling upholding the Commerce Commission’s determination setting the regulated prices on the telecommunications network operator’s copper lines. More>>

ALSO:

Earlier:

Cars: Precautionary Recalls Announced For Toyota Vehicles

Toyota advises that a number of its New Zealand vehicles are affected by a series of precautionary global recalls. Toyota New Zealand General Manager Customer Services Spencer Morris stressed that the recalls are precautionary. More>>

ALSO:

'Gardening Club': Air Freight Cartel Nets Almost $12 Million In Penalties

The High Court in Auckland has today ordered Swiss company Kuehne + Nagel International AG to pay a penalty of $3.1 million plus costs for breaches of the Commerce Act. Kuehne + Nagel’s penalty brings the total penalties ordered in this case to $11.95 million ... More>>

ALSO:

Crown Accounts: Revenue Below Projections

Core Crown tax revenue has increased by $1.9 billion (or 5.0%) compared to the same time last year. However this was $1.1 billion less than expected and is reflected across most tax types, continuing the pattern of recent months. More>>

ALSO:

Efficiency: Businesses And Households To Save From New Energy Plans

Minister of Energy and Resources Simon Bridges today announced three energy efficiency initiatives to improve business productivity, save money and reduce carbon emissions. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news