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
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
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.