29 Apr 2011

NZ Oil and Gas looks overseas for opportunities

1:44 pm on 29 April 2011

Energy company New Zealand Oil and Gas expects to secure some attractive exploration areas in the northern hemisphere within the next month.

The explorer says the deal is part of its move to focus on overseas opportunities and ultimately set up two core areas outside of the country.

New Zealand Oil and Gas says it will establish a branch office in the northern hemisphere to pursue opportunities there.

Chief executive David Salisbury says it is a relatively small entry in that it is an exploration permit but the opportunity underlying it is quite a sizeable oil prospect.

Mr Salisbury says the company has also lined up an experienced explorationist to become general manager as soon as the process is finalised.

He says the company is also reviewing eight opportunities in Indonesia with a partner.