Taranaki exploration farm-out

Press, 26 February 1980, Page 3

Taranaki exploration farm-out

PA Wellington Petrocorp (Exploration) Ltd, has drawn up detailed proposals for an oil and gas exploration farm-out area in Taranaki.

The move opens the wav for other companies to drill either individually or in a joint venture and is likely to spark renewed interest in on-shore exploration in ■ the province. While Petrocorp has identified farm-out areas for joint-venture exploration in its other licence areas in New Zealand, it has made no public declaration about offering part of the attractive Taranaki licence area to other companies.

Petrocorp’s general manager (Mr J. Hogg) confirmed from Wellington yesterday that the company had completed a detailed farm-out proposal involving most of western Taranaki.

He declined to give full details, saying he would make a detailed statement later in the week.

Mr Hogg said Petrocorp had advised other comnanies it was interested in sharing part of the Taranaki licence and had sought their response. “Some of them have seen all of our technical data. It is not secret, but until now we have been dealing directly with people who have shown an interest.” A map showing the proposed farm-out area had been drawn up and the parties concerned had not been tasked to treat it as confidential, said Mr Hogg. 1 The map identifies the proposed farm-out area as the strip of land between the coast and Egmont National Park, bordering the Kapuni field in south Taranaki and stretching to about 10km south of New Plymouth in north Taranaki.

Two companies interested in on-shore exploration in Taranaki are Shell BP and Todd Oil Services, Ltd, and L and M Oil, Ltd, based in Wellington.