NZ Oil and Gas buys interests in three Taranaki permits from ASX-listed Octanex

Tue, 27 Nov 2012

Nov. 28 (BusinessDesk) - New Zealand Oil & Gas has agreed to acquire interests in three offshore Taranaki permits from ASX-listed Octanex for US$12.5 million plus a share of seismic costs. The company will pay US$12.5 million for a 12.5 percent interest in PE51906 which holds the Makatu prospect and is expected to be drilled in the second half of next year. Octanex will retain 22.5 percent and operator OMV holds 65 percent, NZ Oil & Gas said in a statement. PEP 51906 covers 1,613 square kilometres adjacent and west of the Maui field. OMV ha...

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