L&M Energy is "optimistic" drillable prospects will be defined after a seismic acquisition programme over an onshore Taranaki exploration permit area.L&M and Australian-based Mosaic Oil have a half share each in the 482sq km permit area,
L&M Energy is "optimistic" drillable prospects will be defined after a seismic acquisition programme over an onshore Taranaki exploration permit area.
L&M and Australian-based Mosaic Oil have a half share each in the 482sq km permit area, which includes the coast near Patea and stretches north to be roughly in line with Eltham which is to the west of the exploration area.
The acquisition of 54km of 2D seismic data over the area had been completed and the mapping of prospects to define drillable targets would start immediately, L&M said today.
"We are now processing the data and are optimistic that drillable prospects will be defined, with a target of drilling the first prospect within the next 12 months."
The exploration area contained previously identified oil and gas leads.
