NZOG, Octanex give up permit in Taranaki Basin

New Zealand Oil & Gas Ltd.

New Zealand Oil & Gas Ltd. (NZOG) reports that petroleum exploration permit 53473 in New Zealand's offshore Taranaki Basin has been returned to the Crown after the partners opted not to commit to drilling a well, which would have been required by March 2016.

New Zealand Oil & Gas acquired a 50% interest in the permit and became operator in 2012. Octanex NL also held a 50% interest.

New Zealand Oil & Gas continues to believe there is prospectivity in the Takapou permit, but the market perceived the prospects as partially dependent on the outcome of the Oi well earlier this year. In the absence of a smaller financial interest in the permit, the company believes a drill commitment would not fit the balance of risk and reward it seeks in its New Zealand portfolio.

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