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MENAFN - ProactiveInvestors - Australia - 11/10/2012

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(MENAFN - ProactiveInvestors - Australia) New Zealand Oil & Gas (ASX: NZO) is acquiring a small stake in a deepwater petroleum exploration permit in New Zealand's prolific Taranaki Basin.

The company will take up a 6.667% interest in PEP 38451 consisting of a 6.11% stake from Global Resource Holdings and a 0.556% stake from Randall Thompson.

Both Global and Thompson will continue to hold a 5% carried interest in the project while 5% of NZOG's interest will also be carried.

NZOG will pay US9.5 million (A9.3 million) in three tranches on fulfilment of conditions for the stake.

The deal is subject to operator Anadarko Petroleum (NYSE: APC) and Hyundai Hysco opting not to exercise their preferential rights.

It is also condition on New Zealand approving the drilling of a well in the Romney prospect, that targets between 1.1 and 2.8 billion barrels of oil or 1.7 trillion cubic feet of gas, according to New Zealand Government geological research institute GNS Science.

PEP 38451 is the first exploration permit granted over the deepwater extension to Taranaki Basin.

It covers 16,380 square kilometres and includes multiple prospects and leads.

Anadarko plans to use a drillship currently under construction, Noble's Bob Douglas, for its offshore New Zealand drilling campaign in the 2013-14 drilling season.

 






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