Scoop has an Ethical Paywall
Todd Energy and ExxonMobil Joint Venture surrender
Todd Energy and ExxonMobil Joint Venture surrender Great South Basin permit
The Todd Energy and ExxonMobil Joint Venture has surrendered its interest in permit PEP 50117 located in the Great South Basin, New Zealand. Managing Director for Todd Energy Richard Tweedie said, “Todd Energy entered into this permit with ExxonMobil in July 2007 and together we have spent the last three years evaluating the acreage, including acquiring state of the art seismic data.”
“The Joint Venture’s interpretation of the data indicates the acreage has a high technical risk, and this is further amplified by the remote location and the harsh operating environment,” he added.
In order to try and mitigate this risk, the Joint Venture sought interest from other potential partners but was unsuccessful in this endeavour.
“Ultimately, we have determined these factors make the opportunity unattractive for the Joint Venture to pursue.”
“We want to thank the New Zealand Government, and particularly Crown Minerals, for their support and an excellent working relationship,” Mr Tweedie added.
ENDS
Worldline: Boxing Day Spending Up On Last Year, But Pre-Christmas Spending Is Slightly Down
Skoltech: Scientists Reinvent Physical Laws Governing Formation Of Snowflakes, Raindrops, And Saturn’s Rings
Trademe: Trash To Treasure - Kiwi Make The Most Of Unwanted Christmas Gifts 
Financial Markets Authority: FMA Seeks Clarity From High Court On Use Of Eligible Investor Certificates In Wholesale Investment Sector
Scion: Scion’s Novel Internship Model Connects Talent With Industry
Financial Markets Authority: Westpac Admits To Misleading Representations That Resulted In $6.35m In Overcharges
