Project Profile
Value: Undisclosed
Area: 457.8 km2
Term End: 23 September, 2013
Location: Onshore Taranaki Basin
PEP51151 (Alton) contains a number of previously identified oil and gas leads and is contiguous to Origin-operated Mining Permits that contain the Rimu/Kauri and Maunutahi Fields. In October 2009 Crown Minerals approved the application to extend PEP51151\'s boundary to encompass Tag Oil Ltd\'s relinquished Mangamingi Block, which includes the well Mangamingi-1 which encountered several oil shows.
The partners are currently undertaking a geophysical and geological evaluation of the permit in order to identify possible leads and in preparation for the upcoming seismic programme.
L&M Energy and joint venture partners Mosaic Oil are currently planning the acquisition of 50km of new 2D seismic to identify Manutahi shallow oil structures with the permit, scheduled to begin in Q1 2010.
Operators:
L&M Energy: Operator with 35% interest
New Zealand Energy Corp.: 65% interest (New Zealand Energy Corp. bought AGL\'s stake in the project, who in turn had taken over Mosaic Oil, and their stake)