29 Nov 2012

NZOG looking to buy interests in Taranaki permits

7:02 am on 29 November 2012

New Zealand Oil & Gas is geared up to buy interests in three offshore Taranaki permits as it looks to step up its exploration activities.

The oil exploration comany has agreed to pay Octenex of Australia $US12.5 million for a 12.5% interest in the Matuku prospect.

OMV, which has a 65% interest in the prospect, is looking for a semi-submersible rig to drill an exploration well before the end of 2013.

The Matuku permit covers more than 1600 square km west of the Maui field, and south of Tui, and it's estimated the field could yield around 65 million barrels of oil.

The agreement is subject to regulatory approval.