Take Five – Octanex takes 100% of 5th NZ permit award in Taranaki

KEY POINTS:

  • Award to Octanex of PEP 55790 in New Zealand’s premier oil producing Taranaki Basin
  • The New Zealand portfolio now includes interests in five permits covering approximately 7,640 km2
  • The work programme for the new permit requires seismic reprocessing, geotechnical studies and staged additional work and incorporates rights to surrender at each decision point

Octanex N.L. (ASX Code: OXX) is pleased to announce the award of the PEP 55790 permit to its wholly-owned subsidiary, Octanex NZ Limited (Octanex NZ). The award follows a successful bid for the acreage in the New Zealand 2013 Block Offer.

PEP 55790 covers an area of approximately 518 km2 and is located in the offshore Taranaki Basin of New Zealand (refer to the Figure 2 PEP 55790 Location Map attached to this announcement). The permit has been granted 100% to Octanex NZ, with its term to commence on 1 April 2014.

The award of PEP 55790 increases Octanex NZ’s contiguous overall acreage in the offshore Taranaki Basin to approximately 7,640 km2. As displayed in the attached Location Map, the permit is nearby to PEP 51906 in which Octanex NZ has a 22.5% interest and where the Matuku-1 exploration well is currently being drilled.

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PURSUING NEAR TERM PRODUCTION