Raisama pulls out of New Zealand farm-in

Exit: Raisama has withdrawn from the farm-in agreement covering the Kakapo prospect

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Josh Lewis

 13 February 2013 03:06 GMT

Australia-listed Raisama Energy has withdrawn from its farm-in of the Kakapo prospect in PEP 51311, in New Zealand’s offshore Taranaki basin.

Under the agreement with New Zealand Oil & Gas (NZOG), Raisama had agreed to pay 20% of the drilling costs, up to A$3 million (US$3.1 million) and 10% thereafter, to earn a 10% stake in the prospect.

NZOG had stated last year that it planned to drill a well on the Kakapo prospect once a suitable rig had been secured.

As Raisama elected to withdraw from the farm-in prior to the drilling of the well it will not incur any costs in relation to the well,…

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