document: OMV AG, via wholly owned subsidiary OMV New Zealand Ltd. is offering up to 40% equity in its exploration permit PEP 57073, located in the East Coast Basin.Â  The opportunity is one of several that OMV is currently offering offshore New Zealand.Â  OMV reports that it ideally would like a deal with a partner that would include several assets, but would consider individual bids. Â   OMV has already secured one partner in the permit, with Statoil ASA (now Equinor ASA) acquiring a non-operated 30% share in February 2016.   PEP 57073 is considered frontier acreage, with only minor exploration having taken place to date. No well has been drilled within the permit, however the Tawatawa 1 and Titihaoa 1 wells, both having encountered gas shows, lie just inboard of the permit boundary. The extensive Pegasus MC3D broadband survey acquired by Schlumberger in 2016 covers a significant portion of the permit. Preliminary interpretation of the survey has defined a number of leads and prospects, both structural and stratigraphic, within the Neogene stratigraphy. The primary plays are associated with compressional related anticlines, and drape and pinch-outs of turbidite sands within inverted âmini-basinsâ.  A drill or drop decision is required by the joint venture by 30 September 2018. Should the joint venture commit to further work, a further 1,000 sq km of 3D seismic data would be acquired by 31 March 2019. A drill or drop decision, along with a 50% area relinquishment, would then be required by 31 March 2021, with the first exploration well due to be drilled between April 2021 and March 2022 should the permit be retained.  PEP 57073 was awarded on 1 April 2015 and covers an area of 9,800 sq km. Interests in the permit are OMV New Zealand Ltd (70% + Operator) and Equinor New Zealand BV (30%).  Interested parties should contact:  Alan Clare, Exploration & Appraisal Manager    Address: Level 20, The Majestic Centre, 100 Willis Street, Wellington 6011, New Zealand    Email: alan.clare@omv.com
summary: OMV AG, via wholly owned subsidiary OMV New Zealand Ltd. is offering up to 40% equity in its exploration permit PEP 57073, located in the East Coast Basin.