•  
  •  
  •  
  •  
  •  
  • Untitled Document
    Untitled Document

    NZEC relinquishes Castlepoint, Wairoa permits in NZ's East Coast Basin

    New Zealand Energy Corp.

    New Zealand Energy Corp. (NZEC) has relinquished the Castlepoint and Wairoa permits in the East Coast Basin of New Zealand's North Island. NZEC continues to hold a 100% interest in the East Cape Permit, which covers 1,048,406 onshore acres in the East Coast Basin, and also controls 97,637 net acres across six permits in the Taranaki Basin of New Zealand's North Island.

    "NZEC is focused in the near-term on its Taranaki Basin permits that offer near-term production potential,” said John Proust, CEO of NZEC. “The company has also retained its East Cape Permit, which gives the company more than 1 million acres and five years to explore the unconventional oil shales and unlock the potential of New Zealand's East Coast Basin.”

    He noted that relinquishing the Castlepoint and Wairoa permits has reduced NZEC’s work program commitments by $12.9 (CAD 13.9 million) for 2014, and $50.6 (CAD 54.3 million) over the life of the relinquished permits. The company's work program commitments for the East Coast for the remainder of 2014 are now only $59,686 (CAD 64,000). Its Taranaki work program commitments for the remainder of 2014 are $2.9 million (CAD 3.2 million), of which $298,432 (CAD 320,000) relate to NZEC’s producing assets.

    "NZEC's work on the Castlepoint and Wairoa permits has provided the company with significant technical information and insight into the Waipawa Black Shale, which will guide the company's exploration strategy on the East Cape Permit," Proust continued. "For example, one of the stratigraphic wells that NZEC drilled on the Castlepoint Permit identified a Waipawa horizon that the company's geology team believes may extend northward into the East Cape Permit.”

     

    Most Popular

    Related Articles

    Titan Energy Services appoints CEO and CFO

    06/11/2015

    Titan Energy Services Ltd. has appointed Christine Hayward as CEO and Rowan Greene as CFO, according to a filing with the Australia Stock Exchange.

    Sanusi appointed as Black Rhino board chairman

    06/11/2015 Funds managed by Blackstone and Black Rhino have confirmed that His Highness Emir Muhammad Sanusi II will join Black Rhino’s board of directors as chairman. Black Rhino was formed in January 2...

    Statoil elects new board members

    06/10/2015

    Statoil ASA has elected Øystein Løseth as new chair and Roy Franklin as a new member and deputy chair of the company’s board of directors.

    Willbros re-elects Lebens and Wedemeyer to board

    06/10/2015

    Willbros Group Inc. has re-elected Michael C. Lebens and Phil D. Wedemeyer as Class I directors to its board.

    Exterran confirms management teams for post-separation SpinCo and RemainCo

    06/10/2015 Exterran Holdings Inc. says that Andrew Way will join the company on July 1, and, upon completion of the separation of Exterran’s international services and global oil and gas infrastructure produc...

    Murphy's $50M commitment to El Dorado

    06/09/2015

    Place-based scholarships go beyond academic, economic need

    More Oil & Gas Financial Articles

    Titan Energy Services appoints CEO and CFO

    Thu, Jun 11, 2015

    Titan Energy Services Ltd. has appointed Christine Hayward as CEO and Rowan Greene as CFO, according to a filing with the Australia Stock Exchange.

    Sanusi appointed as Black Rhino board chairman

    Thu, Jun 11, 2015

    Funds managed by Blackstone and Black Rhino have confirmed that His Highness Emir Muhammad Sanusi II will join Black Rhino’s board of directors as chairman. Black Rhino was formed in January 2012 to develop and invest in transformational infrastructure projects in Sub-Saharan Africa’s power generation and fuel transportation sectors.

    Statoil elects new board members

    Wed, Jun 10, 2015

    Statoil ASA has elected Øystein Løseth as new chair and Roy Franklin as a new member and deputy chair of the company’s board of directors.

    Willbros re-elects Lebens and Wedemeyer to board

    Wed, Jun 10, 2015

    Willbros Group Inc. has re-elected Michael C. Lebens and Phil D. Wedemeyer as Class I directors to its board.

    Exterran confirms management teams for post-separation SpinCo and RemainCo

    Wed, Jun 10, 2015

    Exterran Holdings Inc. says that Andrew Way will join the company on July 1, and, upon completion of the separation of Exterran’s international services and global oil and gas infrastructure product sales businesses into a stand-alone, publicly traded company (SpinCo), Way is expected to be appointed president and CEO of SpinCo. The separation is expected to be completed in the third quarter of 2015.

    OGFJ photo of the day


    Click to view slideshow

    Oil & Gas Jobs

    Search More Job Listings >>
    Subscribe to OGFJ