Foveaux oil hunt to be resumed
PA Wellington A new oil prospecting licence for the Great South Basin off Stewart Island has been approved by the Government. The Minister of Energy (Mr Birch) said yesterday that drilling of at least two prospecting wells in the area was expected next year. Negotiations for a suitable rig were still going on but at least two wells, costing about
$3O million each, were expected during the next three years. The petroleum prospecting licence has been awarded to Hunt International petroleum Company N.Z.. Ltd. its associated companies of Impel N.Z., Ltd. and Placid Oil. Ltd. and Petroleum Corporation of N.Z. (Exploration). Ltd. on behalf of the Government. The licence covers the same area of more than 59.000 souare kilometres, as
covered by a previous licence, and has been issued for up to five years. The licence area is part of one of New Zealand's most prospective basins, the Great South Basin "The geology of the region is such that there is potential for a major discovery of petroleum." Mr Birch said. "Of the six wells drilled in the basin in the 19705. three had shows of hydrocarbons."
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Press, 5 June 1982, Page 6
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193Foveaux oil hunt to be resumed Press, 5 June 1982, Page 6
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