New Zealand Oil & Gas begins Booth-1 drilling

New Zealand Oil & Gas (NZX:NZO) has announced that drilling operations for the Booth-1 well in the L7 permit will begin in late June 2024.

The company, which holds a 25% stake in the L7 permit, highlighted that the Ventia 106 rig is signed up and all necessary approvals have been obtained.

The Booth-1 well is the first prospect to be targeted using the 3D seismic acquired over the L7 and EP437 permits last year.

The net cost to NZO for this well is forecast to be A$4.55 million, in accordance with the farm-in terms.

The L7 permit joint ventures include Triangle (50% and operator) and Strike Energy (25%).