Partnership seeks to exit offshore New Zealand license
New Zealand Oil & Gas and partners TAG Oil and Beach Energy have submitted an application to relinquish the PEP 52181 (Kaheru) permit offshore South Taranaki.
Recently, NZOG advised that current economic conditions do not justify drilling a prospect on the permit prior to the commitment date of May 2016.
The partners decided to withdraw after exploring options to defer or amend work obligations.
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