A Petrocorp Exploration Ltd. group has purchased New Zealand government interests in Tariki, Ahuroa, Waihapa, and Ngaere petroleum mining licenses in the onshore Taranaki area for $65 million. That apparently clears the way for development of Ngaere oil and gas (OGJ, Mar. 25, 1991, p. 40), to begin immediately, reported Nomeco Holdings Ltd. Nomeco, with 8.11% interest, estimates its share of proved reserves acquired at 900,000 bbl of oil and 3.1 bcf of gas. Petrocorp holds 48.74%, Southern Petroleum NL 36.67%, and Bligh Oil & Minerals (NZ) Ltd. and M.I.M. Petroleum Exploration Pty. Ltd. 3.24% each.
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