New Zealand's Fletcher Challenge Energy increases exploration acreage

Jul 19, 2000 02:00 AM

Fletcher Challenge Energy, a New Zealand oil and gas firm, has increased its local exploration acreage through the acquisition of a 30 % interest in an onshore exploration license. The company said the acquisition, along with recent Canadian exploration portfolio changes, reflects a commitment to improving the level and quality of its global exploration business.
The interest was acquired from Marabella Enterprises, a subsidiary of Australian firm Bligh Oil and Minerals, in exchange for which Fletcher Energy will pay part of the license's exploration costs. The license area is covered by petroleum exploration permit (PEP) 38728 and is located in the Taranaki region on the western coast of New Zealand's North Island.
"This farm-in (acquisition) is part of our rebuilding of a meaningful exploration business in New Zealand and internationally. The exploration licence is well located, being between the recently discovered Rimu field and our producing Waihapa field," said Rick Webber, Fletcher Energy's New Zealand general manager.
The partners in PEP 38728 and their respective interests are Fletcher Energy (30 %), the operator of the license, Marabella Enterprises (40 %), and Origin Energy Resources New Zealand (30 %). In a related development, Fletcher Energy and Marabella have agreed in principle for Marabella to acquire a 10 % interest in Fletcher Energy's PEP 38718 containing the Tuihu prospect, which will be drilled later this year.

The Fletcher Challenge Group is a New Zealand head quartered company with operations in building, energy, and forests represented by targeted equity securities. The company's paper division was sold to Norway's Norske Skog for NZ $ 5 bn in early April. The restructure of the remaining three divisions is expected to be completed by the end of 2000.

Source: Bridge News via Newspage
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