Offshore staff

WELLINGTON, New Zealand -- New Zealand awarded its first ever exploration permit in the Outer Taranaki basin. The 55,800 sq km permit went to Global Resources.

The proposed exploration program will see Global Resources acquire 3,100 km of new 2D seismic data along with associated geo-technical studies, and drill an exploration well within 42 months. The results are expected to provide a better understanding of the basin.

"The exploration program is particularly exciting because if the initial stages of exploration meet expectations, there is a real prospect of the Outer Taranaki basin having its first well drilled," says Harry Duynhoven, associate energy minister.

8/14/06