Earlier in the month NZOG company secretary Brian Roulston said everybody would be interested in learning the identity of the new partner, who had requested anonymity until the final contracts were signed.
"We are pleased that Mitsui have recognised the prospectivity of the West Maui permit and the significance of the Tui oil discovery made in February 2003," said NZOG chairman Tony Radford.
Mitsui's funding will earn a share of two firm exploration wells (Amokura and Pukeko); a third exploration well, dependent on results from the wells, and if a development proceeds, the company will fund initial development costs of up to $14m.
Since the Tui oil discovery, the PEP38460 partners have done a 3D seismic survey which NZOG exploration manager Eric Matthews said had confirmed a structural closure over Tui, with potential recoverable oil of 10-15 million barrels. In addition to Tui, several other prospects, with potential to each hold 10-40 million barrels of recoverable oil, were delineated.
The PEP38460 joint venture has signed a letter of intent with Diamond Offshore Drilling Co. for the use of one of their semi-submersible drilling units for drilling expected to commence in March 2004. The likely drilling unit is the Ocean Bounty, which drilled the Tui discovery well.
