New Zealand Oil & Gas says it has relinquished its exploration permit for the area containing the Kakapo prospect.
Chief executive Andrew Knight said the company owned all the interest in the prospect and that level of exposure did not fit its portfolio at a time when it was already committed to an unprecedented level of drilling activity throughout New Zealand.
NZ Oil & Gas was enthusiastic about Kakapo and would love to drill it but had not been able to find a farm-in partner to share the investment risk in time to secure a suitable rig contract before a deadline at the end of July, Mr Knight said.
