N.Z. Petroleum to complete Taranaki tests
PA Wellington The New Zealand Petroleum Company expects to complete a seismic testing programme at its onshore Taranaki exploration area PPL 38705 by July 17. The licence area adjoins the producing McKee oil field on three sides. After the seismic testing is completed, New Zealand Petroleum will undertake a geochemical survey of the area and drill three exploratory wells, a programme that is expected to take up to five years.
NZ Petroleum told the Stock Exchange yesterday that it spent $4,050,891 in the three months to May 31. Exploring its various licence areas in the three
months cost $3,755,460. The company had $951,957 investment income from the $7,276,553 of liquid funds it had available for the quarter. New Zealand Petroleum said during the quarter it was given approval to buy 6 per cent of an oil project in Sumatra from the State Oil Company of Indonesia, Pertaminaz. The company also began a geological review of licence area PPL38074 in Southland. New Zealand Petroleum said the future operations for the area would be discussed at a joint venture group meeting soon. New Zealand Petroluem is 63 per cent owned by Triton Energy Corporation of the United States.
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Press, 28 June 1989, Page 34
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202N.Z. Petroleum to complete Taranaki tests Press, 28 June 1989, Page 34
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