Octanex awarded Taranaki basin permit

New Zealand’s Ministry of Economic Development has awarded exploration permit PEP 51906 to Octanex NZ.

Offshore staff

WELLINGTON, New Zealand -- New Zealand’s Ministry of Economic Development has awarded exploration permit PEP 51906 to Octanex NZ. The 1,613-sq km (623-sq mi) permit area is between the Taranaki basin’s Tui, Maui, and Maari fields.

Octanex NL plans to focus initially on four structures in its new acreage. The company believes there is significant potential in a deeper part of the Kea feature about 15 km (9 mi) north of the Maari oil field. Octanex is also examining the Kakapo, Toke, and Matuku features.

The initial work program requires the company to acquire up to 1,000 km (621 mi) of new 2D seismic data in addition to reprocessing 1,500 km (932 mi) of data.

12/08/2009

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