ASX-listed Raisama quits Kakapo farm-in partnership with NZOG

Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.

Launch Radio player

ASX-listed Raisama Energy has backed out of its 10 percent interest in the Kakapo oil and gas prospect in Taranaki, preferring opportunities in Asia instead.

The Perth-based company says it has written to partner NZOG Developments, a subsidiary of New Zealand Oil & Gas and will not go ahead with its farm-in agreement on the Taranaki Basin permit, according to a statement lodged with the ASX yesterday.

Raisama was to earn 10 percent working interest by paying a fifth of drilling costs up to $A3 million, it says.

"Raisama has not incurred, and is not liable for, any costs related to the proposed drilling of Kakapo," the company says. "While Kakapo is potentially a high-impact well, the board is continuing to focus on the company's Asian strategy."

In September last year, NZOG confirmed it would drill the Kakapo prospect after facing a "drill or drop decision" and was seeking at least one more farm-in partner and a suitable drilling rig. The company has previously said the prospect could be several times the size of the Tui or Maari fields.

The company is still looking for further farm-in partners and a drilling rig on suitable terms, NZOG chief executive Andrew Knight says in a statement today.

"New Zealand Oil & Gas believes the Kakapo prospect looks attractive as part of a portfolio of opportunities," he says.

NZOG shares fell 1.6 percent to 94.5 cents yesterday and have gained 9.7 percent this year.

(BusinessDesk)


Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

Comments & Questions

Commenter icon key: Subscriber Verified

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.6560 -0.0006 -0.09%
AUD 0.8994 -0.0035 -0.39%
EUR 0.5992 -0.0004 -0.07%
GBP 0.4206 -0.0005 -0.12%
HKD 5.0870 -0.0037 -0.07%
JPY 81.3950 0.0260 0.03%

Commods

Commodity Price Change Time
Gold Index 1089.2 -5.700 2015-08-03T00:
Oil Brent 50.2 -2.020 2015-08-03T00:
Oil Nymex 45.2 -1.860 2015-08-03T00:
Silver Index 14.5 -0.230 2015-08-03T00:

Indices

Symbol Open High Last %
NZX 50 5957.9 5957.9 5957.9 -0.80%
NASDAQ 5134.3 5143.1 5128.3 -0.25%
DAX 11295.5 11460.4 11309.0 1.19%
DJI 17696.7 17704.8 17689.9 -0.52%
FTSE 6696.3 6710.8 6696.3 -0.11%
HKSE 24364.4 24511.0 24411.4 -0.08%
NI225 20462.2 20552.0 20548.1 -0.10%