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New Zealand Oil & Gas expands NZ acreage, to drill major offshore oil well

New Zealand Oil & Gas expands NZ acreage, to drill major offshore oil well

New Zealand Oil & Gas (ASX: NZO) has expanded its New Zealand oil and gas acreage and will participate in the drilling of an offshore well targeting 65 million barrels of oil in the third quarter of 2013.

The company has been awarded both an onshore and offshore exploration permit covering a total of 635 square kilometres that represent an expansion of its offshore Taranaki Basin activity and a return to the onshore portion of the Basin.

Block 12TAR8 (NZOG 100%) covers 525 square kilometres north of NZOG’s offshore Kakopo prospect in PEP 51311.

No wells have been drilled in this permit though it lies within the source kitchen for the Maui and Maari oil and gas fields.

A 400 kilometre 2D seismic survey will be shot within a two-year period, with a well to be drilled within five years.

NZOG also holds a 40% stake in Block 12TAR7, which covers just over a 100 square kilometres in the central part of South Taranaki adjacent to the coast.

There has been only limited exploration and no wells have been drilled in it. The first 18 months of the permits’ duration will see the joint venture including operator NZEC acquiring 70 kilometres of 2D seismic data.

NZOG is also participating in the drilling of the Matuku-1 well in the third quarter of 2013 that Austrian operator OMV estimates as hosting 65 million barrels of recoverable oil.

OMV has also secured an additional rig slot to drill a Matuku-2 appraisal well in the event of success at Matuku-1.

A well site survey over the Matuku-1 location is to be undertaken in December /January.

NZOG had acquired a 12.5% working interest in PEP 51906 where the well is located from Octanex (ASX: OXX) for US$12.5 million.

Octanex holds a 22.5% stake in the permit while OMV holds 65%.


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