30 Oct 2012

NZOG drilling plans ramped up

1:01 pm on 30 October 2012

New Zealand Oil & Gas is ramping up its drilling plans here and overseas.

The exploration company is a part owner in the Tui and Kupe fields and is committed to drilling both its Kaheru and Kakapo fields, though that's dependent on it getting suitable rigs.

It also aims to start drilling its Kisaran prospect in Sumatra, Indonesia by the end of the year.

NZOG's last well was drilled in 2009 and chief executive Andrew Knight says it's time to actively look for more oil and gas.

Shares in the company on Tuesday were up 1.5 cents at 86.5 cents each.

NZOG has farmed out 65% of its Kaheru prospect and confirmed its intention to drill.

And it has joined a consortium of operators to bring a rig to New Zealand to drill sites like Kakapo, and is continuing to farm out the interest in the field.

In Kupe, the company says there is a significant increase in proved and probable reserves.