Kea relinquishes Mercury permit in Taranaki Basin

Kea Petroleum plc, an oil and gas company focused on New Zealand, has relinquished its Mercury permit, PEP 52333, offshore Taranaki. 

This permit was awarded to Kea on Oct. 13, 2010. The permit covers an area of 89.7 square miles (232.5 square kilometers), mainly offshore in the north Taranaki area.

Kea has presented the prospect to a number of potential farm-in partners; however, given the present challenging environment resulting from the fall in the oil price and lack of success in recent offshore exploration in New Zealand, it has not been possible to reach a satisfactory agreement to commit to drilling an offshore well before September. 

Therefore, the board has decided to surrender the permit to New Zealand Petroleum and Minerals and to stop any further expenditure on the prospect.

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