On 20 December 2017 New Zealand Petroleum & Minerals (NZP&M) announced that Westside New Zealand Ltd had been awarded exploration permit PEP 60402, located in the Taranaki Basin for a period of twelve years effective 1 April 2018. Work commitments have been assigned for the duration of the permitâs validity however the operator may choose to surrender the permit after an initial 3 year period or continue with the agreed work programme. Key deliverables for the initial 2 years include the reprocessing of a minimum of 170 sq. km of the Kaheru 3D seismic survey using least squares reverse time migration, completing a rock physics study on Rimu 1, Kauri 1 and other proximal wells, and completing a DHI (Direct Hydrocarbon Indicator) study. The first commitment well is due within 6 years of the permit commencement date. The permit was applied for after being offered as part of the 17TAR-R1 area in NZP&Ms 2017 Blocks Offer which closed on 6 September 2017.Â  The award of PEP 60402 compliments Westsideâs current New Zealand acreage portfolio which includes adjacent Petroleum Mining Permits 38151 and 38155 covering the producing Rimu and Kauri-Manutahi fields respectively. PEP 60402, which covers an area of 547 sq. km, was awarded on 20 December 2017.Â  Westside New Zealand Ltd, wholly owned subsidiary of Westside Corporation Pty Ltd holds 100% interest and operatorship of the permit.
Westside New Zealand was awarded exploration permit PEP 60402.