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Mosaic Oil successful joint bid for exploration permit in the onshore Taranaki Basin


Published Sep 23, 2008
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Mosaic Oil NL spuds Brynog-1 (ATP 471P Bainbilla Block)-Spotlight

Mosaic Oil NL has been successful in a joint bid with L&M Petroleum in being awarded Permit PEP 51151 onshore Taranaki Basin, New Zealand. LMP will be operator for the joint venture, and both Mosaic Oil and LMP will each hold a 50 percent interest in the permit.

The 457.8 sq. km. permit contains a number of previously identified oil and gas leads and is contiguous to the Origin-operated Kauri/Rimu oil and gas-condensate fields and the shallow Manutahi oil field which have produced over 1.2 million barrels of oil and 15 BCF of gas since 1999.

L&M Petroleum Limited is dual listed on the ASX and NZX, and is the Operator for all seven of its New Zealand exploration joint ventures.

Tags: L&M Petroleum Limited, Mosaic Oil NL



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