New Zealand Oil and Gas Ltd (NZOG) reported on 21 February 2018 its intention to hold full interest and operatorship in the PEP 55794 exploration permit, located in the Great South Basin, by acquiring joint venture partner Woodside Energy Ltd.âs 70% interest.Â  On 25 June 2018 the participants submitted an application to New Zealand Petroleum and Minerals (NZP&M) for the transfer of interest which was subsequently approved on 18 October 2018.  PEP 55794 had been outlined as open for farm-out by NZOG and is planned to be marketed alongside PEP 52717, located in the Canterbury Basin.Â  NZOG reported that, after a drill decision extension was granted for PEP 52717, the timetable of the two permits coincides, making the marketing of a joint package feasible.  PEP 55794 was awarded to the Woodside (70%) and NZOG (30%) joint venture in December 2013 after being applied for in the 2013 Blocks Offer.Â  The joint venture acquired the Toroa 3D seismic survey in Q2 2015, acquiring a total of 1,169 sq. km.Â  A contingent well is due between April 2020 and March 2021, with a drill/drop decision due by 31 March 2020.  PEP 55794 covers an area of 9,835 sq km.Â  NZOG 2013 O Ltd., a wholly owned subsidiary of NZOG, now holds 100% operated interest in the permit.
NZOG) reported on 21 February 2018 its intention to hold full interest and operatorship in the PEP 55794 exploration permit, located in the Great South Basin, by acquiring joint venture partner Woodside Energy Ltd.âs 70% interest. 