New Zealand Awards East Coast Basin Permit.WELLINGTON Wellington, city (1996 pop. 157,647; urban agglomeration 334,051), capital of New Zealand, extreme S North Island, on Port Nicholson, an inlet of Cook Strait. , New Zealand--(BUSINESS WIRE)--Aug. 8, 1997-- Indo-Pacific
The Indo-Pacific is a biogeographic region of the earth's seas, comprising the tropical waters of the Indian Ocean, the western and central Pacific Ocean, and the seas connecting the two Energy Ltd. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :INDX INDX Index ) is pleased to announce that the New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. Minister of Energy has awarded East Coast Basin Petroleum Exploration Permit 38332, to a joint venture headed by Indo-Pacific Energy. Indo-Pacific is the designated operator of the joint venture and holds a 42.5% interest. Its joint venture partners are Boral Energy Resources Ltd., which holds a 37.5% interest and Trans New Zealand Oil Company Ltd., which holds the remaining 20%. With this award, Indo-Pacific Energy has confirmed its position in the key areas of the East Coast Basin, an area where several groups are now engaged in vigorous exploration activity, in a drive to establish oil and gas production in this highly prospective yet under-explored basin. PEP 38332 is located immediately to the south of Indo-Pacific's permit PEP 38328, and covers an area of 1,012,000 acres in the southern Hawke Bay Hawke Bay A large inlet of the southern Pacific Ocean on the east-central coast of North Island, New Zealand. region of North Island. It lies in an area of relatively easy terrain, with a good infrastructure of roads and railway, and small rural towns. Initial exploration efforts will focus in the central and eastern areas, east of the Waewaepa-Oruwharo Fault system, where there are numerous oil and gas seeps, and where excellent oil source rocks can be seen in outcrop at ground surface. Another area of interest in the permit lies further east, where again there is a recognized association of good sized surface structures, gas and oil seeps and expected good reservoir potential. PEP 38332 is awarded for a 5 year initial term, renewal for a further 5 years over 50% of the area, and carrying rights to acquire production permits over any discovery made, for a period of up to 40 years. Indo-Pacific Energy Ltd. is an emerging independent oil and gas exploration and production company focused in the Asia-Pacific region. Through is subsidiaries, the company controls exploration concessions in four countries totaling over 7 million gross acres and is the largest holder of onshore on·shore adj. 1. Moving or directed toward the shore: an onshore wind. 2. Located on the shore: an onshore beacon; an onshore patrol. adv. exploration acreage in New Zealand. (http:\\www.indopacific.com) -0- On Behalf of the Board of Directors, Alex P Guidi Chairman CONTACT: IREMCO Jennifer Muzzin, 604/682-6496 |
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