WELLINGTON, New Zealand– NZ Oil and Gas will pay $35 million for AGL’s 15% stake in the Kaheru permit (PEP 52181) offshore Taranaki coast.
The agreement is contingent on the joint venture committing to drill and government approvals.
The permit is east of NZOG’s Kupe gas and oil field and is on trend with the onshore Rimu and Kauri fields. The Kaheru prospect lies in 25 m (82 ft) of water, and is 8 km (5 mi) offshore. Figures previously released from the joint venture have estimated the mean recoverable reserves (unrisked) at 45 MMbbl of oil in an oil case; or 200 bcf of gas and 7.5 MMbbls of condensate in a gas case.