New Zealand

With generous fiscal terms, established oil & gas industry and politically stable environment encouraging oil and gas investment, New Zealand attractive country for oil & gas exploration. Currently, all production in New Zealand is from the Taranaki Basin located near the west coast of the North Island were commercial gas was discovered in 1959.
 
East West has partnered with TAG Oil Ltd., a leading operator in New Zealand. The joint venture was awarded three permits in 2012 New Zealand Block Offer in the Taranaki Basin. Drilling commenced on the blocks in Q3 2013 and commercial production was established by year end. East West remains focused on continuing to develop and explore for oil and gas on its Taranaki Basin properties.
 
Given the long history of oil and gas production in the Taranaki Basin, extensive infrastructure and services are available which allow for low cost operations and rapid commercialization of discoveries. Further, oil produced from the Taranaki from East West’s assets attracts Brent pricing, and gas is sold into the New Zealand national grid at a premium to North American gas prices.



India - East West Petroleum

 

New Zealand - Work Programs

Year 1
- EW carries TAG in first well to earn 50% (100% cost recovery to P.O.)
- 200 km seismic reprocessing
- Drill 1 well to 1, 500 m
If discovery, drill a second well

Year 1
- EW carries 2 wells to earn 30% interest (100% cost recovery to P.O.)
- Drill 5 wells to 1,500 m
- If discovery, drill a follow up well


Year 1
- EW carries TAG in 1 well to earn 50% interest (100% cost recovery to P.O.)
- Drill 5 wells to 1,500 m
- If discovery – drill a follow up well


Years 2 - 5
- Additional seismic acquisition and analyses
- Drill 1 additional well

Years 2 - 5
- Additional seismic processing and studies
- Drill 3 additional wells

Years 2 - 5
- Additional seismic processing
- Drill 2 additional wells

- Est. total commitment: $11.6 M NZD over five years
- One prospect and one lead identified

- Est. total commitment: $11.6 M NZD
- Over 30 prospects identified

- Est. total commitment: $11.6 M NZD over five years
- One prospect and one lead identified