Todd Energy and ExxonMobil Joint Venture surrender

Todd Energy and ExxonMobil Joint Venture surrender Great South Basin permit

The Todd Energy and ExxonMobil Joint Venture has surrendered its interest in permit PEP 50117 located in the Great South Basin, New Zealand. Managing Director for Todd Energy Richard Tweedie said, “Todd Energy entered into this permit with ExxonMobil in July 2007 and together we have spent the last three years evaluating the acreage, including acquiring state of the art seismic data.”

“The Joint Venture’s interpretation of the data indicates the acreage has a high technical risk, and this is further amplified by the remote location and the harsh operating environment,” he added.

In order to try and mitigate this risk, the Joint Venture sought interest from other potential partners but was unsuccessful in this endeavour.

“Ultimately, we have determined these factors make the opportunity unattractive for the Joint Venture to pursue.”

“We want to thank the New Zealand Government, and particularly Crown Minerals, for their support and an excellent working relationship,” Mr Tweedie added.

ENDS

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