NZOG (New Zealand Oil & Gas Ltd) has entered into further conditional agreements that, upon completion, would result in NZOG taking on Operatorship and increasing its stake to 60 percent in the highly prospective offshore Taranaki permit, Kaheru.

An application has been submitted to the New Zealand regulator, NZ Petroleum and Minerals, to extend the permit drilling commitment to Sept. 18, 2012, with a well to be drilled by May 18, 2014. NZOG is commencing a global search for a farm-in partner to join the Joint Venture in a planned late 2013/early 2014 drilling programme.

In March of this year, NZOG signed a conditional agreement to purchase a 15 percent stake (plus any additional interest acquired) in the Kaheru permit from AGL Upstream Gas (MOS) Pty Ltd (AGL), a wholly owned subsidiary of AGL Energy Ltd.

Tags: New Zealand Oil and Gas Ltd