Page 31 - Oil&Gas-AustralAsia-2015-Issue-5
P. 31
N EW ZEALAND
NZOG upgrades Kupe by 35% ByMarieRYAN
New Zealand Oil & Gas has upgrad- ‘’This reserves increase not only last financial year in revenue, with
ed its estimated light oil and gas provides additional volume from field operator Origin Energy having
reserves at the Kupe field located within the existing development a 50 per cent stake, Genesis Energy
offshore in in the country’s south but it’s expected that contracted 31 per cent and Mitsui of Japan 4
near Taranaki by 35 per cent. volumes will be able to be supplied per cent.
The New Zealand explorer holds without the need for significant ad- Mr Knight said Kupe was a quality
a 15 per cent stake on the Kupe ditional capital,’’ Mr Knight said. asset and it was pleasing to an-
field and estimated the developed The company holds a 15 per cent nounce a reserve increase which
reserved have grown from 4.2 mil- stake in Kupe, earning it $62.5million did not require additional capital to
lion barrels of oil equivalent to 5.6 realise.§
million barrels.
The company is currently seeking
partners to drill its Barque prospect
located 60 kilometres offshore from
Oamaru in depths of 800 metres in
2017, having estimated in July there
could be as much as 530 million
barrels of oil equivalent of gas and
condensate.
New Zealand Oil & Gas Chief An NZOG worker. Image courtesy of NZOG
Executive Andrew Knight said in
a statement the Kupe upgrade was
significant news for the company.
Mosman takes the STEP forward with High Ridge
By Marie RYAN
Mosman Oil and Gas Limited has “At the same time detailed transition place, it takes us a step forward to
announced it has progressed its planning continues, we remain ex- completing the STEP Acquisition.
acquisition of the proposed South cited about this acquisition and the The joint owners can now proceed
Taranaki Energy Project (STEP) future prospects it offers Mosman with confidence.”
with Origin Energy confirming the and our partners Ridge and High Mosman can now progress its
company has accepted Mosman’s Peak,” Mr Barr said. acquisition of a 70 per cent interest
financial capacity to undertake the “The funding Mosman obtained has in the STEP Acquisition to the next
project. been a major achievement and Mos- stage which is to secure the required
Mosman has also signed a partici- man acknowledges the assistance government approvals and then
pation agreement with High Peak of several parties who have been move to financial completion, which
Royalties for a 30 per cent stake instrumental in completing those is anticipated by 31 December 2015.
in the project, cancelling a prior arrangements,” he said. The final formal legal documents
arrangement with WRDLS. “In particular, securing the of Mosman’s royalty funding
Chairman of Mosman John W Barr well-funded company High Peak agreement with High Ridge are
said the company was delighted to Royalties as a 30% joint venture expected to be completed shortly
be moving to the next stage in the partner in the STEP Acquisition is following the contractual milestones
STEP Acquisition process, seeking significant. The new participation announced, which satisfies a key
Government approvals, expected to agreement with HPR is on the same conditions precedent as set out in
commence over the coming weeks fundamental terms and conditions the announcement of 15 September
and is expected to take 60 to 90 days. as the previous WRDLS agreement 2015.§
and, with High Peak funding in
A Awww.oilandgasaustralasia.com NOVEMBER/DECEMBER 2015 OIL & GAS ustral SIA 29
NZOG upgrades Kupe by 35% ByMarieRYAN
New Zealand Oil & Gas has upgrad- ‘’This reserves increase not only last financial year in revenue, with
ed its estimated light oil and gas provides additional volume from field operator Origin Energy having
reserves at the Kupe field located within the existing development a 50 per cent stake, Genesis Energy
offshore in in the country’s south but it’s expected that contracted 31 per cent and Mitsui of Japan 4
near Taranaki by 35 per cent. volumes will be able to be supplied per cent.
The New Zealand explorer holds without the need for significant ad- Mr Knight said Kupe was a quality
a 15 per cent stake on the Kupe ditional capital,’’ Mr Knight said. asset and it was pleasing to an-
field and estimated the developed The company holds a 15 per cent nounce a reserve increase which
reserved have grown from 4.2 mil- stake in Kupe, earning it $62.5million did not require additional capital to
lion barrels of oil equivalent to 5.6 realise.§
million barrels.
The company is currently seeking
partners to drill its Barque prospect
located 60 kilometres offshore from
Oamaru in depths of 800 metres in
2017, having estimated in July there
could be as much as 530 million
barrels of oil equivalent of gas and
condensate.
New Zealand Oil & Gas Chief An NZOG worker. Image courtesy of NZOG
Executive Andrew Knight said in
a statement the Kupe upgrade was
significant news for the company.
Mosman takes the STEP forward with High Ridge
By Marie RYAN
Mosman Oil and Gas Limited has “At the same time detailed transition place, it takes us a step forward to
announced it has progressed its planning continues, we remain ex- completing the STEP Acquisition.
acquisition of the proposed South cited about this acquisition and the The joint owners can now proceed
Taranaki Energy Project (STEP) future prospects it offers Mosman with confidence.”
with Origin Energy confirming the and our partners Ridge and High Mosman can now progress its
company has accepted Mosman’s Peak,” Mr Barr said. acquisition of a 70 per cent interest
financial capacity to undertake the “The funding Mosman obtained has in the STEP Acquisition to the next
project. been a major achievement and Mos- stage which is to secure the required
Mosman has also signed a partici- man acknowledges the assistance government approvals and then
pation agreement with High Peak of several parties who have been move to financial completion, which
Royalties for a 30 per cent stake instrumental in completing those is anticipated by 31 December 2015.
in the project, cancelling a prior arrangements,” he said. The final formal legal documents
arrangement with WRDLS. “In particular, securing the of Mosman’s royalty funding
Chairman of Mosman John W Barr well-funded company High Peak agreement with High Ridge are
said the company was delighted to Royalties as a 30% joint venture expected to be completed shortly
be moving to the next stage in the partner in the STEP Acquisition is following the contractual milestones
STEP Acquisition process, seeking significant. The new participation announced, which satisfies a key
Government approvals, expected to agreement with HPR is on the same conditions precedent as set out in
commence over the coming weeks fundamental terms and conditions the announcement of 15 September
and is expected to take 60 to 90 days. as the previous WRDLS agreement 2015.§
and, with High Peak funding in
A Awww.oilandgasaustralasia.com NOVEMBER/DECEMBER 2015 OIL & GAS ustral SIA 29
