Project Profile
Value: Undisclosed
Location: Offshore Taranaki Basin, New Zealand
Start-up Year: -
Area: 1,775 km2
Todd Energy was awarded exploration permit PEP 51313 on 30 July 2009 for an initial 5-year term. Originally covering 1,775 km2 in the southern Taranaki Basin, the permit was expanded to 2595 km2 in August 2009 to include the prospective Tasman Ridge trend formerly located within PEP 38494. Reprocessing of existing 2D seismic data in the permit area is in progress, and acquisition of a 200 km2 3D seismic survey over the Matariki Prospect occured in April/May 2010. Following the agreement, Todd’s equity will dilute from 50% to 35% while Horizon’s interest will reduce from 30% to 21%. Cue will hold the remaining 14%. OMV will become the operator of the project following the completion of a seismic acquisition programme planned for the first quarter of 2013.
Operators:
OMV: Operator with 30% interest
Todd Energy: 35% interest
Horizon Oil: 21% interest
Cue Energy: 14% interest
Contractors:
Polarcus: Seismic Survey