PEP 53473 Takapou

For personal use only
29 September 2014
PEP 53473 Takapou
Petroleum Exploration Permit 53473 ‘Takapou’ has been returned to the Crown after the
partners opted not to commit to drilling a well, which would have been required by March
New Zealand Oil & Gas acquired a 50 per cent interest in the permit and became operator in
2012. Octanex NL also held a 50 per cent interest.
New Zealand Oil & Gas continues to believe there is prospectivity in the Takapou permit, but
the market perceived the prospects as partially dependent on the outcome of the Oi well
earlier this year. In the absence of a smaller financial interest in the permit, the company
believes a drill commitment would not fit the balance of risk and reward it seeks in its New
Zealand portfolio.
For further information please contact:
John Pagani, External Relations Manager, DDI: +64 4 471 8333, MOB: +64 21 570 872
Andrew Knight, CEO, PH: +64 4 495 2424, TOLL FREE: 0800 000 594 (NZ)
NZOG stock symbols:
NZX shares – NZO
ASX shares – NZO