Posted on 19/04/2024
New Zealand Oil & Gas Limited (ASX & NZX: NZO) notes the press release by Triangle (ASX: TEG 50% and Operator of the L7 permit) attached.
New Zealand Oil & Gas Limited (ASX & NZX: NZO) notes the press release by Triangle (ASX: TEG 50% and Operator of the L7 permit) attached.
The Ventia 106 rig is signed up, all necessary approvals are obtained, and the Booth-1 well will commence drilling operations in late June 2024. This is the first prospect to be targeted using the 3D seismic acquired over the L7 and EP437 Permits in 2022.
New Zealand Oil & Gas farmed into these permits in 2023 [see NZO announcement 17 Jan 23 for more detail]. The net cost to NZO for this well is forecast to be A$4.55 million in accordance with the farm in terms