According to New Zealand Oil & Gas (NZOG) the permit has been awarded for an initial term of five years, with the potential for a second term. An evaluation program is to be carried out in the first two years with a decision on drilling an exploration well to be taken at the end of the second year.
David Salisbury, CEO of New Zealand Oil & Gas (NZOG), said: “We are moving to seek the services of the seismic vessel Pacific Titan, which is currently in New Zealand waters, to shoot 500km of new 2D seismic for us. We will also have some of the seismic data from the area reprocessed.
“Regional analysis of source zones and the proximity of Kupe indicate that there is a good chance for oil or wet gas. Rough estimates from the preliminary mapping indicate the potential for up to six structures ranging from 10sqkm to 100sqkm in size.”
New Zealand Oil & Gas Limited (NZOG) is an independent, Wellington-based exploration and production company listed on both the New Zealand and Australian stock exchanges. The company has two key assets (Tui and Kupe), two significant investments (Pike River and Pan Pacific) and an exploration portfolio.
