5 Jun 2012

Oil company strengthens position in Taranaki

3:53 pm on 5 June 2012

A Canadian oil company has announced several takeovers and oil production deals in Taranaki.

The New Zealand Energy Corporation, which is listed on the Toronto stock market, says it has bought four onshore mining licences in Taranaki from Australia's Origin energy, as well as the Waihapa Production Station inland from Stratford.

The company also announced new oil discoveries in its onshore Copper Moki-3 and Copper Moki-4 wells in north Taranaki.

The company says production from other wells in the Moki region generated cashflows of $4.5 million in the first three months of this year.