The company had a conditional agreement to take a 6.667% stake in Petroleum Exploration Permit 38451 (Romney). However, the acquisition was subject to pre-emption by existing partners, and that has been exercised.
Prior to this, operator Anadarko had a 50% interest and Hyundai Hysco 33.333%.
PEP 38451, which includes multiple prospects and leads, is the first exploration permit granted over the deepwater extension toTaranaki basin.
CEO Andrew Knight said: “NZOG is working on building itself to become the partner of choice for exploration in New Zealand so that, in future, a widely New Zealand-owned company can be involved in the opportunities deepwater exploration in New Zealand offer.”
