OMV AG, via wholly owned subsidiary OMV New Zealand Ltd., is offering a farm-in opportunity after increasing its interest in exploration permit PEP 50119, located in the Great South and Canterbury basins.Â  OMV is offering up to 40%, non-operated equity in 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 eastern portion of the permit and could contain recoverable resources of 1 Bbo.Â  Here, a thick package of Cretaceous and Paleocene marine shales seal Cretaceous sands draped over a basement high. OMV reports that potential oil charge has been modelled from Cretaceous syn-rift coals and that 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.  Under the current permit obligations, a commitment well is due to be drilled before 11 July 2019, with a drill or drop decision to be make before 11 October 2019.   On 16 March 2018 Shell reported that it had reached a deal to sell its remaining assets in New Zealand to OMV for USD 578 million (NZD 798 million) subject to regulatory approvals. This included Shellâs 60.98% operated interest in PEP 50119, which was subsequently transferred to OMV.  PEP 50119 covers an area of 16,760 sq km in deep water and was awarded on 11 July 2007.Â  Participants in the permit are OMV New Zealand Ltd. (82.93% + Operator) and Mitsui E&P Australia Pty Ltd (17.07%).  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
OMV AG, via wholly owned subsidiary OMV New Zealand Ltd., is offering a farm-in opportunity after increasing its interest in exploration permit PEP 50119, located in the Great South and Canterbury basins.  OMV is offering up to 40%, non-operated equity in the permit. 