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

 

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Scoop Business: Productivity Commission To Look At Housing Land Supply

The Productivity Commission is to expand on its housing affordability report with an investigation into improving land supply and development capacity, particularly in areas with strong population growth. More>>

ALSO:

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

ALSO:

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

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