NZ partners seek license extensions

ROC Oil has issued an update of exploration plans in its concessions offshore New Zealand.

Offshore staff

SYDNEY -- ROC Oil has issued an update of exploration plans in its concessions offshore New Zealand.

In the PEP38524 permit offshore Taranaki (ROC: 20%), geological and geophysical analyses are nearing completion at the Tuatara-1 well (drilled in 3Q 2010), ahead of a permit-wide prospectivity review.

The joint venture has sought approval from New Zealand’s government approval to continue into the optional permit term – Oct. 1, 2010, through March 31, 2012 – with a 25% relinquishment.

At PEP52181 in the same region (ROC: 50% and operator), reprocessing continues of the Kaheru 3D seismic dataset. This should be completed during by mid-2011. The joint venture anticipates gaining government approval to extend the permit acreage by 140 sq km (54 sq mi).

In the PEP38259 permit in the offshore Canterbury basin (ROC: 15%), the partners seek an extension of the drilling commitment date by two years to August 2012. This is to give them more time to evaluate rig availability and drilling costs for the Barque-1 prospect, with an additional work program of 500 km (310 mi) of 2D seismic reprocessing.

01/31/2011

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