Chief executive of New Zealand Oil & Gas says the industry is entering a season of unprecedented activity with up to 13 wells due to be drilled offshore in the next 18 months.
The company's prospective drilling will include wells in the Canterbury basin and Taranaki.
Andrew Knight told the annual shareholders' meeting that the Matuku prospect, just south of the already producing Tui fields, is ready to be drilled with the company just waiting on a rig to become available.
He says that it will take up to six months to assess the hydrocarbon flows from the two wells in the Kisaran permit in Indonesia.
Mr Knight says that the company aims to invest about $35 million a year in exploration.
The money will be spent both investigating early prospects and developing assets which are further along.
Mr Knight says the company aims to have some prospects in the portfolio with more investment risk and higher potential returns but balanced by assets with a better chance of technical success but less potential payout.
