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NZ Oil & Gas says Pateke project cost to rise as much as 84%

NZ Oil & Gas says Pateke project cost to rise as much as 84%

May 6 (BusinessDesk) - New Zealand Oil & Gas, the exploration company, expects the pre-drilling cost of the Pateke-4H prospect off the Taranaki coast will be as much as 84 percent higher than previously estimated.

The Wellington-based company projects the total cost to NZOG will be between US$40 million and US$46 million, up from US$25 million predicted last month, it said in a statement. The company’s initial evaluation of the resource estimates 2.5 million barrels, of which its share would be 687,500 barrels.

“Preparations are being made to run the completion and suspend the well to enable production in the first quarter of 2015,” it said.

Last month, chief executive Andrew Knight told BusinessDesk potential Pateke production would bolster output rather than extend the life of the Tui oilfield.

NZOG’s shares gained 1.3 percent to 78.5 cents, and have slipped 3.7 percent this year.

(BusinessDesk)

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