NZ Oil and Gas misses out on stake in deepwater Taranaki permit

Mon, 22 Oct 2012

By Paul McBeth Oct. 23 (BusinessDesk) - New Zealand Oil & Gas has missed out on acquiring a stake in a deepwater exploration permit in the Taranaki basin after the existing partners exercised their right to buy it. The Wellington-based company has been blocked from buying a 6.7 percent stake in the 16,380 square-kilometre petroleum exploration permit off the Taranaki coast after operator Anadarko and Hyundai Hysco exercised their first-buyer rights. NZOG had agreed to pay US$9.5 million to the operation's minority partners, Global Resources...

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