Loyz Energy, through its majority owned Loyz NZ Ventures (Loyz NZ), has acquired its first New Zealand petroleum exploration permit for US$6.5 million ($8.1 million).
This gives Loyz NZ the right to explore for hydrocarbons in the Awakino area which is located within the oil-producing Taranaki Basin.
Based on a recent report by Gaffney, Cline & Associates (a global consultancy offering technical, commercial and strategic advice to the petroleum sector), there is a block within the Awakino area which has contingent resources of about 25.9 billion cubic feet of gas and 1.7 million stock tank barrels (STB) of condensate.
Loyz Energy’s second permit follows a binding memorandum of understanding (MOU) signed with STP Energy Pte. Ltd (STP Energy) on 26 October 2011. The initial US$1.5 million payment made to STP Energy at the MOU stage will be used to offset the US$6.5 million payable for the New Zealand permit.
Loyz Energy’s first permit – acquired on 26 November 2011 through Loyz Oil’s wholly owned Loyz Oil Australian Pty Ltd – gave it an initial 20% stake in an offshore Australian Permit, obtained from Trident Energy Limited for A$650,000 ($852,000).
Loyz Energy’s interest in the PEP will rise to 70% when the acquisition and interpretation of 3D seismic work has been completed off the coast of Victoria in Australia and approval has been obtained from the Australian authorities.
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