Drop decision: New Zealand Energy scraps east coast drill plans
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02 December 2013 04:18 GMT
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06 December 2013 12:00 GMT
New Zealand Energy raises funds for Taranaki buy
19 September 2013 07:33 GMT
NZEC reveals Taranaki programme
08 August 2013 04:29 GMT
23 June 2014 11:49 GMT
The Vancouver-based company said it would save $13.9 million by dropping prior drill plans for the Castlepoint and Wairoa permits which were to see a well sunk on each licence this year.
Chief executive John Proust said the company would be "focused in the near-term on its Taranaki basin permits that offer near-term production potential”.
New Zealand Energy acquired a trio of licences in the Taranaki basin from Australia's Origin Energy last year.
The explorer had been seeking a funding partner to join it on the blocks in the east coast, where it has retained the East Cape licence and still hopes to unlock potential in the Waipawa black shale.
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