•  
  •  
  •  
  •  
  •  
  • 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.”

     

    Did You Like This Article?

    Get a free subscription to Oil & Gas Financial Journal.

    Related Articles

    Texas Oil & Gas Association names new president

    09/19/2014 The Texas Oil & Gas Association has named Todd Staples as its new president. Currently serving as Texas Commissioner of Agriculture, Staples will replace Rob Looney, who is retiring at the end ...

    Australia appoints Smith as new CEO of NOPSEMA

    09/19/2014 The Australian Government has appointed Stuart Smith as the new CEO of the National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA), Industry Minister Ian Macfarlane...

    Rowan reports management changes

    09/18/2014 Rowan Companies plc reports that J. Kevin Bartol, executive vice president, CFO, and treasurer, has decided to leave the company to pursue other opportunities. Bartol will continue to serve until a...

    New Alberta premier picks Oberle as energy minister

    09/17/2014 Jim Prentice, sworn in on Sept. 15 as premier of Alberta, Canada, has appointed legislator Frank Oberle as energy minister in the province that is the largest source of US oil imports, Reuters says.

    More Oil & Gas Financial Articles

    Texas Oil & Gas Association names new president

    Fri, Sep 19, 2014

    The Texas Oil & Gas Association has named Todd Staples as its new president. Currently serving as Texas Commissioner of Agriculture, Staples will replace Rob Looney, who is retiring at the end of 2014 after 26 years with the association.

    Australia appoints Smith as new CEO of NOPSEMA

    Fri, Sep 19, 2014

    The Australian Government has appointed Stuart Smith as the new CEO of the National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA), Industry Minister Ian Macfarlane said Sept. 18.

    Rowan reports management changes

    Thu, Sep 18, 2014

    Rowan Companies plc reports that J. Kevin Bartol, executive vice president, CFO, and treasurer, has decided to leave the company to pursue other opportunities. Bartol will continue to serve until a successor is chosen and a smooth transition is completed.

    Continental Resources promotes Stark to president, COO

    Thu, Sep 18, 2014

    New Alberta premier picks Oberle as energy minister

    Wed, Sep 17, 2014

    Jim Prentice, sworn in on Sept. 15 as premier of Alberta, Canada, has appointed legislator Frank Oberle as energy minister in the province that is the largest source of US oil imports, Reuters says.

    Most Popular

    Oil & Gas Jobs

    Search More Job Listings >>
    Subscribe to OGFJ