Originally Posted by
notie
what are NZOG doing to do?
PEP 51311 (Kaupokonui)
NZOG has signed a farm-out arrangement with Peak Oil & Gas Ltd, which is taking a 10% stake in the permit, and will pay 20% of the first well costs, capped at US$3m. NZOG is seeking at least one more joint venture partner ahead of the commitment required in January 2011, to drill a well within the following 12 months.
odds on they are going to drop the permit. they will not drill a well with 100% holding in it. Commitment is due today.....