OMV AG, via wholly owned subsidiary OMV New Zealand Ltd. is offering 30-40% equity in its exploration permit PEP 57073, located in the East Coast Basin.Â  The opportunity is one of several that OMV is currently offering offshore New Zealand.Â  Under the current work programme a drill or drop decision, along with a 50% area relinquishment, is required before 1 April 2021. The first well would be required to be drilled before 31 March 2022 should the permit be retained.  OMV had already secured one partner in the permit, with Statoil ASA (now Equinor ASA) acquiring a non-operated 30% share in February 2016, however Equinor exited the permit in August 2019.   OMV has committed to the stage 2 work programme which now includes refinement of the basin modelling analysis based on sequence stratigraphic framework, refined structural model and/or seismic facies analysis, the application of a sequence stratigraphic framework to the stratigraphic succession, and undertake detailed facies mapping based on sequence stratigraphic framework, refined structural model and/or seismic facies analysis. These obligations are due to be completed before 1 October 2020.  PEP 57073 is considered frontier acreage, with only minor exploration having taken place to date. No well has been drilled within the permit, however the Tawatawa 1 and Titihaoa 1 wells, both having encountered gas shows, lie just inboard of the permit boundary. The extensive Pegasus MC3D broadband survey acquired by Schlumberger in 2016 covers a significant portion of the permit. Preliminary interpretation of the survey has defined a number of leads and prospects, both structural and stratigraphic, within the Neogene stratigraphy. The primary plays are associated with compressional related anticlines, and drape and pinch-outs of turbidite sands within inverted âmini-basinsâ. Many of the mapped structural traps have fluid indications or amplitude anomalies.  PEP 57073 was awarded on 1 April 2015 and covers an area of 9,800 sq km. OMV New Zealand Ltd holds 100% operated interest in the permit.  Interested parties should contact:  Alan Clare, Exploration & Appraisal Manager    Address: Level 20, The Majestic Centre, 100 Willis Street, Wellington 6011, New Zealand    Email: alan.clare@omv.com
MV AG, via wholly owned subsidiary OMV New Zealand Ltd. is offering 30-40% equity in its exploration permit PEP 57073, located in the East Coast Basin.  The opportunity is one of several that OMV is currently offering offshore New Zealand.