ASX-listed junior Bounty Oil & Gas, which has farm in deals with Electro Silica in the offshore Sydney Basin and offshore Great South Basin (NZ) is also said to be looking for other partners following the Electro Silica’s failure to meet work obligations.
Indigopool’s latest Global Opportunities email newsletter says Shell Exploration NZ is offering to farm-out up to two-thirds of its 60% stake in offshore Taranaki licences PEP 38481 and 482. These permits contain prospects with potential for more than 2.0 tcf of unrisked gas in place (GIIP) and a portfolio of follow-up leads.
Last June - on the eve of the Ocean Bounty spudding the Takapou-1 well in PEP 39482 - Shell NZ said it was farming out half of its 60% equity in the two licences to Electro Silica, which had earlier taken stakes in two offshore Great South Basin permits.
Shell NZ EP commercial manager Ajit Bansal said at that time the Western Platform licences would be another offshore New Zealand area for Electro Silica after their interests in two other blocks near Stewart Island.
Early last year the Fugro-Geoteam Polar Duke seismic vessel shot about 2000km of 2D seismic in PEP 38215 for operator Bounty Oil & Gas and its partners.
Bounty Oil was to be free-carried through the acquisition of that seismic through a farmout to Electro Silica, which earned a 25% interest by funding the seismic as well as an option to drill an exploration well to earn a further 50%.
But there are rumours that Electro Silica has also not fulfilled its PEP 38215 work program obligations, and that Fugro-Geoteam still holds the seismic acquired over that licence.
No one from Bounty was available to comment, but reliable sources say it is understood the UK company was in default and Bounty is now looking for new partners. It is not known if Electro Silica has been formally bounced from various NZ joint ventures.
Electro Silica executives have not responded to emailed inquiries from EnergyReview.Net about the company’s New Zealand activities. Shell NZ spokesman Simon King was unable to confirm whether his company was again farming out its Western Platform acreage.
