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

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 0.6617 0.0000 0.00%
AUD 0.9312 0.0000 0.00%
EUR 0.5883 0.0000 0.00%
GBP 0.4560 0.0000 0.00%
HKD 5.1599 0.0000 0.00%
JPY 74.9170 0.0000 0.00%

Commods

Commodity Price Change Time
Gold Index 1237.4 -9.140 2016-02-12T00:
Oil Brent 34.0 -0.490 2016-02-12T00:
Oil Nymex 31.9 3.190 2016-02-12T00:
Silver Index 15.8 0.000 2016-02-12T00:

Indices

Symbol Open High Last %
NZX 50 5987.0 5987.0 5987.0 -0.89%
NASDAQ 4307.3 4340.1 4266.8 1.66%
DAX 8854.4 8967.5 8752.9 2.45%
DJI 15691.6 15974.0 15660.2 2.00%
FTSE 5537.0 5707.6 5537.0 3.08%
HKSE 18278.8 18482.3 18545.8 -1.22%
NI225 15426.3 15437.2 15713.4 -4.84%