NZOG keeps drilling in the South

Listed New Zealand Oil and Gas (NZOG) is continuing its southern exploration programme at three separate prospects and a third ship-borne seismic survey is likely next summer.

In NZOG's activities report for the quarter to March, much of the news centred on positive results from drilling by the semi-submersible rig Kan Tan IV at the Pateke well, offshore Taranaki, and a dry exploratory well, Matuku, in the same basin.

Revenue for NZOG from its 27.5% share in the Tui field, off Taranaki, for the quarter was $13.7 million, and from the Kupe field (15% interest), $15.8 million.

In its half-year to December report, oil and gas exploration spending was up from $10.5 million to $23.7 million, as the company looked to define new prospects to expand its overall portfolio.

NZOG updates in this week's activities reports included the Toroa prospect, south of Dunedin in the Great South Basin, and in the Canterbury Basin, the Galleon prospect northeast of Dunedin and the Clipper prospect, off Oamaru's coast.

Both Galleon and Clipper have had seismic surveys completed in recent months. The Galleon results are still being analysed, and the company is working towards making a commitment decision by October 2015 on making a three-dimensional seismic survey.

NZOG gained the Toroa prospect permit in April and planning had begun for a seismic survey, to be undertaken in late-2014 to early 2015.

For the quarter to March, NZOG had $138.3 million cash in hand, and planned to spend more than $30 million on exploration this quarter.

 

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