NZOG raises stake in Kaheru prospect with US$3mn investment
WELLINGTON - New Zealand Oil and Gas (NZOG), an independent exploration and production company, is raising its stake in the "highly prospective" Kaheru prospect offshore Taranaki to 60 per cent after paying AGL Upstream Gas US$3 million.
NZOG, which currently holds 15 per cent stake in the prospect, will takeover as operator after raising its stake to 60 per cent. The remaining 40 per cent will be held by Canadian second-tier oil explorer Tag Oil.
The new joint venture partners are expected to seek at least one more farm-in partner in the field, which is estimated to hold recoverable reserves of 45 million barrels of oil, or 200 billion cubic feet of gas.
The joint venture comes after previous partners Australia-based ROC Oil and LM Energy withdrew.
"We will immediately pick up work previously undertaken by the joint venture and begin working with regulatory agencies to enable a timely drilling decision to be made," Andrew Knight, chief executive said in a statement.
"We are commencing a farmout campaign immediately and are hopeful of attracting significant partners to the table."
Wellington-based NZOG also holds 90 per cent stake prospects in the adjacent Kakapo block offshore Taranaki licence area, 50 per cent share Kanuka block in the northern Taranaki bight, and the operatorship in Barque prospect in deep water off the Canterbury coast with 40 per cent stake.
The increase at Kaheru is conditional on New Zealand's oil and gas sector regulator agreeing to extend the terms of the existing licence to permit drilling until September 18, with a well to be drilled by May 18, 2014.
NZOG initially bought into the license by buying the 15 per cent interest owned by Australian energy company AGL Upstream Gas.
"These arrangements have breathed new life into Kaheru with minimal cost exposure to NZOG," said Knight.
The exploration company has meanwhile emerged as a successful bidder among a consortium of working partners for the onshore exploration block in Sumatra, Indonesia.
With a 50 per cent share over a three-year exploration programme, the contract is valued at about US$4 million.
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