OMV New Zealand was offering 30 - 60% interest in its 100% owned offshore exploration permits PEP 51906 and PEP 57075, located Taranaki Basin. However, on 26 March 2018 OMV completed a farm-in deal with Sapura Exploration and Production Sdn Bhd for Sapura to acquire 30% interest. The deal also included interest in three OMV/Mitsui joint venture permits in the offshore Taranaki Basin.   It is thought that OMV could be seeking to farm-down further interest in the permits. OMV reported that it would ideally like a deal with a partner which would include all assets, but was also considering individual bids, to provide a balanced position as a non-operator within the blocks. OMV continues to operate the permits with 70% remaining interest.  OMV reports that PEP 51906 has potential for petroleum systems similar to those seen in the nearby Maui and Maari fields.Â  The Kaka 3D seismic was undertaken in 2013 in the southeast of the permit, and OMV reported that processing was almost complete in April 2015.Â  Over half the permit area is covered by seismic data.  The Matuku 1 well has also been drilled in the permit. OMV spudded the exploration well on 30 November 2013. The well failed to encounter commercial hydrocarbons, though oil shows were observed.Â  OMV reports evaluation of the well results is ongoing.Â  Â A further drill or drop decision is required by the joint venture by 18 November 2016, with a well to be drilled by November 2017 if opted.Â  Further to this, an additional drill or drop decision is scheduled for November 2019, which will include a 25% permit area reduction, with a subsequent well required by 19 November 2020.  The PEP 57075 area is a favourable structural and depositional geologic setting, on the flanks of the Kora and Pohokura kitchens. There are two historical wells within the permit area â Arawa 1, drilled in January 1992, and Kanuka 1, drilled in October 2007.Â  Neither encountered significant hydrocarbons.  Over 50% of the PEP 57075 permit is covered by seismic data, with reprocessing of 830 sq km 3D and 930 km 2D included as part of the first year work commitments.Â  A seismic acquisition commitment, of 700 sq km 3D, is required by 31 May 2017.Â  A drill or drop decision is scheduled by 31 March 2019, with drilling to take place by 31 March 2020 if a well is opted for.Â  At this point a 50% area reduction is also required.  Interested parties can make expressions of interest and sign a confidentiality agreement.Â  Once this is complete, virtual summary presentations and a physical dataroom will be made available.  PEP 51906 was awarded on 19 November 2009 and covers an area of 805 sq km. PEP 57075 was awarded on 1 April 2015 and covers an area of 1,365 sq km. OMV holds 70% interest and operatorship in both permits after farming-down 30% to Sapura in March 2018.  Interested parties should contact:  Simon Lang, Head of Exploration, Development and Production  Address: Level 10, Deloitte House, 10 Brandon Street, Wellington CBD, New Zealand  Email: Simon.lange@omv.com Â   Tim Allan, Exploration and Appraisal Manager  Address: Level 10, Deloitte House, 10 Brandon Street, Wellington CBD, New Zealand  Email: tim.allan@omv.com  Â   Â 
New Zealand, PEP 57075