The Kaheru permit lies to the east of NZOG’s Kupe gas and oil field and is on trend with the onshore Rimu and Kauri fields.
The Kaheru prospect lies in 25m of water, and is 8km from shore.
NZOG had signed an agreement to acquire 17.14% of Canadian company Tag Oil Offshore’s 57.14% interest in the permit
The company had already signed an agreement with AGL Energy in March 2012, to acquire its 15% interest in the permit for $3m.
AGL’s stake increased to 42.86% which will still be transferred to NZOG for the previously agreed $3m.
NZOG will see its share in the permit increase to 60% and will assume operatorship following Roc’s official withdrawal from Kaheru on 18 June 2012.
Tag will hold the remaining 40% interest, said NZOG.
NZOG said an application had been submitted to regulator, NZ Petroleum & Minerals, to extend the permit drilling commitment to 18 September, with a well to be drilled by 18 May 2014.
The company is also looking at a farm-in partner to join the joint venture in a drilling programme planned for late 2013 or early 2014.
NZOG said figures previously released by the joint venture had estimated the permit to hold mean recoverable reserves at 45 million barrels of oil in an oil case, or 200 billion cubic feet of gas and 7.5 million barrels of condensate in a gas case.
