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

 

Crown Accounts: Slightly Softer Growth Expected In PREFU

A slightly softer growth forecast is the main feature of largely unchanged Pre-election Fiscal Update compared to the Budget forecasts three months ago, Finance Minister Steven Joyce says. More>>

ALSO:

Water: Farming Leaders Pledge To Help Make Rivers Swimmable

In a first for the country, farming leaders have pledged to work together to help make New Zealand’s rivers swimmable for future generations. More>>

ALSO:

Unintended Consequences: Liquor Change For Grocery Stores On Tobacco Tax

Changes in the law made to enable grocery stores to continue holding liquor licences to sell alcohol despite increases in tobacco taxes will take effect on 15 September 2017. More>>

Back Again: Government Approves TPP11 Mandate

Trade Minister Todd McClay says New Zealand will be pushing for the minimal number of changes possible to the original TPP agreement, something that the remaining TPP11 countries have agreed on. More>>

ALSO:

By May 2018: Wider, Earlier Microbead Ban

The sale and manufacture of wash-off products containing plastic microbeads will be banned in New Zealand earlier than previously expected, Associate Environment Minister Scott Simpson announced today. More>>

ALSO: