New Zealand Oil & Gas announced Wednesday that the joint venture partners in PEP 52181, offshore South Taranaki, have submitted an application to exit the permit.
Operator New Zealand Oil & Gas announced in February that economic conditions could not
support drilling the prospect before the commitment date of May 2016. After exploring options to defer or amend work obligations, the joint venture has submitted to the regulator an application to surrender the permit.
The permit is held by New Zealand Oil & Gas, which holds a 35 percent operated interest, TAG Oil, which holds a 40 percent interest, and Beach Energy, which holds the remaining 25 percent interest.
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