New Zealand: NZEC to manage East Coast basin permit

A subsidiary of New Zealand Energy Corp., Vancouver, BC, will enter a joint venture agreement with Westech Energy New Zealand, a subsidiary of Energy Corp. of America, under which NZEC can acquire 80% ownership and become the operator of a permit in New Zealand’s East Coast basin.

NZEC will assume responsibility for 267,862-acre PEP 38346 and the related work program and will pay Westech $725,000. On completion of the work program, Westech will refund $225,000 to NZEC and all future expenditures for the permit will be funded 80% by NZEC and 20% by Westech.

The proposed work program requires NZEC to complete various technical studies, reinterpret existing seismic data, shoot and interpret more 2D seismic, and drill two exploratory wells by March 2016. NZEC has the option to withdraw from the joint venture after drilling the first well, in which case it would transfer ownership and operatorship back to Westech.

Assuming that New Zealand authorities approve the transfer and joint venture, NZEC will hold more than 2 million net acres including pending permits in the East Coast basin.

Related Articles

Tethys reports second successful gas well in Kazakhstan

03/20/2014 Tethys Petroleum Ltd. reported the success of the second shallow gas exploration well of its 2014 program on the Akkulka block in the Caspian regio...

BOEM: Firms bid $850 million in high bids in central gulf lease sale

03/19/2014 The US Bureau of Ocean Energy Management reported that its central Gulf of Mexico Lease Sale 231 received 380 bids from 50 companies on 326 blocks,...

CNOOC makes gas discovery in Qiongdongnan basin

03/19/2014

CNOOC Ltd. has made a natural gas discovery in the east Lingshui Sag of the deepwater area in the South China Sea’s Qiongdongnan basin.

Cairn, FAR to drill exploration wells offshore Senegal

03/19/2014

FAR Ltd., Perth, will participate in the drilling of two deepwater exploration wells offshore Senegal next month.

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected