New Zealand Oil & Gas Ltd., via wholly owned subsidiary NZOG 2013 O Ltd., is offering equity in exploration permit PEP 55794, located in the Great South Basin.     On 18 October 2018, NZOG officially increased its holding to 100% and operatorship in PEP 55794 by acquiring the 70% operated interest formerly held by Woodside Energy (New Zealand 55794) Ltd.     A drill or drop decision, which includes a 50% area reduction for the former, is due before 31 March 2020. Should the permit be retained, a commitment well is due before 31 March 2021, with further contingent well due by the permit expiry date. PEP 55794 is due to expire, or be eligible for renewal, on 31 March 2029.  NZOG have outlined the Kaipatiki prospect as the primary candidate for drilling. The prospect lies in the southern portion of the permit and comprises a four-way, dip closed, stratigraphic trap created by the injection of deep water sands into overlying mudstones. The prospect has been mapped over an area of approximately 160 sq km using the Toroa 3D seismic data acquired in 2015. The sand injectites are likely to originate from the Wickliffe Formation (Pakaha Group), which includes the shoreface/nearshore Kawau Sandstone Member and the informal 'Wickliffe Coastal Facies', and are sealed by intraformational basinal mudstones. Modelling suggests that the prospect is well located to receive charge from mid to Late Cretaceous syn-rift Hoiho coals which are at the onset of liquids generation and at peak oil/liquids generation over much of the permit. Mean unrisked in-place resources of 7.3 Tcf of gas and 750 MMb of condensate have been estimated for the prospect. Potential development scenarios include a gas to shore option for which mean unrisked prospective recoverable resources of 5.6 Tcf of gas and 272 MMb of condensate have been estimated.   The permit contains the Toroa 1 and Tara 1 wells that were drilled in 1976 and 1978 respectively.Â  Both wells encountered oil and gas shows during drilling, proving the presence of a working petroleum system within the area.    PEP 55794, which covers an area of 9,835 sq km in both deep and shelfal waters, was awarded in April 2014 after being applied for under the Block Offer 2013. Under NZOGâs plans announced in February 2018, it will hold 100% operated interest assuming regulatory approvals.    Interested parties are required to meet a confidentiality agreement prior to being allowed access to the data room and technical presentations.     Parties interested in pursuing this opportunity should contact:    Dr Chris McKeown, VP E&P  Tel: 0064 21 134 4953  Email: chris.mckeown@nzog.com     Â     Lisa McCarthy, Geologist:  Tel: 0064 21 064 7850    Email: lisamccarthy@nzog.com
New Zealand Oil & Gas Ltd., via wholly owned subsidiary NZOG 2013 O Ltd., is offering equity in exploration permit PEP 55794, located in the Great South Basin. On 18 October 2018, NZOG officially increased its holding to 100% and operatorship in PEP 55794 by acquiring the 70% operated interest formerly held by Woodside Energy (New Zealand 55794) Ltd. 