OMV New Zealand Ltd is to offer a farm-in opportunity, after increasing its interest in exploration permit PEP 50119, located in the Great South and Canterbury basins.Â  OMV will be offering up to 40%, non-operated interest in the permit.  OMV recently announced that it would be acquiring Shellâs remaining assets in New Zealand, after Shell continued its divestment of assets within the country. This includes Shellâs 60.98% operated interest in PEP 50119, which, once complete, will see OMV holding 82.93% and operatorship of the permit.  OMV reports that the permit contains structural prospects, most likely containing liquids within mid-Cretaceous, half-graben traps.Â  The main prospect has been outlined as Tawhaki, which lies in the southeast of the permit and OMV reports could contain recoverable resources of 1 Bbo.Â  OMV reports that potential oil charge has been observed and the Tawhaki prospect is thought to be analogous to the Utsira High in the North Sea, which includes the Evdard Greif, Ivar Aasen, Johan Sverdrup and Ragnarock discoveries.Â  These four contain potential recoverable resources of over 2,300 MMboe.  OMV reports that one exploration well is outstanding, as part of the work commitments, with another well possible scheduled, though a drill/drop decision is required before this.  PEP 50119 covers an area of 16,760 sq km in deep water and was awarded on 11 July 2007.Â  Once OMVâs interest increase is complete, participants in the permit will be PMV New Zealand Ltd (82.93% + Operator) and Mitsui E&P Australia Pty Ltd (17.07%).Â  OMV is looking to farm down 40% interest in the permit.   Companies interested in pursuing this opportunity should contact:  Alan Clare, Exploration and Appraisal Manager  Email: Alan.clare@omv.com  Tel: +64 27 9300930
New Zealand, PEP 50119