NZOG relinquishes Kakapo permit offshore New Zealand

New Zealand Oil & Gas has relinquished PEP 51311 and the Kakapo prospect in the permit area.

Offshore staff

WELLINGTON, New Zealand –New Zealand Oil & Gas has relinquished PEP 51311 and the Kakapo prospect in the permit area. NZOG holds 100% interest in the permit.

“We have made strenuous efforts to find a farm-in partner to share the investment risk. While interest in New Zealand’s prospective basins continues to grow, it has not been possible to farm out the prospect and secure a suitable rig contract before a deadline at the end of July,” said Andrew Knight, CEO.

“NZ Oil & Gas is heavily committed to New Zealand and we are excited about the upcoming season when there will be an unprecedented level of drilling activity around New Zealand,” he continued. “For example, we are involved in drilling offshoreTaranaki before the end of the year at Matuku and Tui and we are the operator of Kaheru, where plans to drill in the summer of 2014-15 are advancing.”

7/26/2013

More in Regional Reports