OMV Acquires Interest in Offshore Licence in New Zealand

OMV New Zealand has signed a farm-in agreement for a 30% interest in a licence located off Taranaki, New Zealand. Under the agreement OMV will assume operatorship on or before 31 March, 2013 in the licence named the PEP 51313.

“This farm-in works well with our strategy to mature opportunities in the Taranaki Basin in general, and in particular, near our core area – the Maari field,” explained OMV New Zealand’s Managing Director, Peter Zeilinger.

As part of the farm-in agreement, OMV New Zealand will fund an initial single exploration well in the licence targeting the Whio prospect near the border between the 51313 licence and Maari permit area. The PEP 51313 licence covers 2,628 km2.

“A successful discovery at Whio could be developed using the existing facilities at Maari. This farm-in is an excellent opportunity to use existing facilities to develop additional resources and complements our other planned investments in and around the Maari field,” Mr Zeilinger said.

The Whio prospect is approximately 4 km from the Maari installations in a water depth of 95 metres. Subject to rig availability, drilling is expected to take place as part of OMV New Zealand’s campaign slated to begin during the New Zealand summer 2013/14.

In the case of a commercial discovery at the Whio prospect, OMV New Zealand’s share will increase to 69% under the farm-in agreement.

[mappress]
November 28, 2012