OMV New Zealand Ltd and joint venture partner Mitsui E&P Australia Pty Ltd were offering a farm in opportunity in three offshore Taranaki Basin exploration permits: PEP 60091, PEP 60092 and PEP 60093. The companies have been successful with Sapura Exploration and Production Sdn Bhd acquiring 30% interest in the permits on 26 March 2018. Sapura also entered OMV permits PEP 51906 and 57075, located in the offshore Taranaki Basin.  OMV reported that it was ideally looking for a partner across five of its offshore assets, but was also considering individual bids. The opportunity on offer was for a farminee to gain a balanced position as a non-operator within the blocks. For the Mitsui joint venture blocks, the companies were looking for a partner to acquire around 40% [combined] interest.   In PEP 60091, OMV held 57.14% and operatorship with partner Mitsui E&P prior to the completion of the Sapura farm-in deal. The permit area contains prospects and leads, with potential thought to be within the Miocene Moki Formation, Eocene Kapuni, Kaimiro and Mangahewa formations and Paleocene Farewell Formation.Â  The North Cape and Rakopi formations may also provide targets. The Te Whatu four-way dip closed prospect would be the primary target, with Late Cretaceous and Paleocene sand potential. In this permit a drill or drop decision is required by March 2018, with the well then planned between April 2018 and March 2020.Â    PEP 60092 and PEP 60093 were awarded to and OMV and joint venture in April 2016 after being applied for in the 2015 Blocks Offer.Â  OMV completed the 2D seismic reprocessing over PEP 60092 as part of the initial work programme.Â  Geological and geophysical technical studies were reported to be ongoing in June 2016 in both PEP 60092 and PEP 60093.Â  Exploration drilling would be required in 2022 in both permits if it was opted for, with drill/drop decisions available prior to committing to a well.  There are two historical wells in PEP 60092 â Taranga 1, drilled in 1992, and Taimana 1, drilled in 1984.Â  Both were plugged and abandoned as dry holes.Â  There are two wells also in PEP 60093 â the Takapou A well that was drilled in 2004 and encountered oil and gas shows, and the Kopuwai 1 well that was drilled in 2007 and encountered oil shows.  There are a number of prospects and leads within the three permits.Â  OMV reports that potential reservoir targets exist in the North Cape Sandstone as well as in the Moki and Mount Messenger formations.  Interested parties were requested to make expressions of interest and sign a confidentiality agreement.Â  Once completed, virtual summary presentations and a physical dataroom were made available.  The permits cover a total area of 6,721 sq km. Participants in the permits were OMV New Zealand Ltd (57.14% + Operator) and Mitsui E&P New Zealand (42.86%). Upon completion of Sapura entering the permits, participants are now: OMV New Zealand Ltd (40% + Operator), Mitsui E&P New Zealand (30%) and Sapura Exploration and Production Sdn Bhd (30%).  Interested parties were to contact:  Simon Lang, Head of Exploration, Development and Production  Address: Level 10, Deloitte House, 10 Brandon Street, Wellington CBD, New Zealand  Email: Simon.lange@omv.com Â   Tim Allan, Exploration and Appraisal Manager  Address: Level 10, Deloitte House, 10 Brandon Street, Wellington CBD, New Zealand  Email: tim.allan@omv.com  Â 
OMV New Zealand Ltd and joint venture partner Mitsui E&P Australia Pty Ltd were offering a farm in opportunity in three offshore Taranaki Basin exploration permits: PEP 60091, PEP 60092 and PEP 60093. 