25 Mar 2011

Oil explorer taking stake in Taranaki Basin

11:32 am on 25 March 2011

OMV New Zealand is taking a 65% stake in an exploration licence in the Taranaki Basin.

The permit is currently held by a subsidiary of the Australian-listed company Octanex, which will retain a 35% share.

As part of the deal, OMV will pay for up to $1 million of the exploration costs incurred so far and fund a 3D seismic programme which is scheduled to begin in May.

The licence is for a 1613 square kilometre area next to the Maari oil field and Maui gas field.