OMV NZ awarded new Taranaki Basin exploration permit

PEP 53537 awarded 5th July 2011
Seismic acquisition to commence shortly

OMV New Zealand is pleased to announce the award of the Petroleum Exploration Permit 53537 in the Taranaki Basin. OMV New Zealand holds a 65% interest in the permit and is the operator. Octanex NZ Ltd holds a 35% interest.

PEP 53537 is located west of PEP 51906, which is also held by the same Joint Venture partners. The OMV-operated Maari oilfield lies 25 km to the southeast of PEP 53537.

“OMV has been involved in the Taranaki region since first coming to New Zealand in 1999 and it remains a cornerstone of our New Zealand operations, in terms of both production and exploration,” Peter Zeilinger, OMV New Zealand’s Managing Director, stated.

PEP 53537 work commitments include 2D and 3D seismic acquisition and reprocessing in the first 18 months, followed by technical studies. A “drill or drop” commitment is due by 5 July 2013.

OMV and Octanex are currently nearing completion of their seismic survey in the adjacent permit PEP 51906. It is intended to commence a 2D seismic survey in PEP 53537 immediately thereafter, using the same seismic vessel.

ENDS

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