• Mosaic Oil and L&M Petroleum awarded Block 5, onshore Taranaki Basin
• Permit adjacent to established production (Rimu, Kauri and Manutahi fields)
• Confirms strategy to establish another core project area for the Company
Mosaic Oil NL advises that the Company has been successful in a joint bid with L&M Petroleum in being awarded Permit PEP 51151 onshore Taranaki Basin, New Zealand. LMP will be operator for the joint venture, and both Mosaic Oil and LMP will each hold a 50 percent interest in the permit.
The 457.8 sq. km. permit contains a number of previously identified oil and gas leads and is contiguous to the Origin-operated Kauri/Rimu oil and gas-condensate fields and the shallow Manutahi oil field which have produced over 1.2 million barrels of oil and 15 BCF of gas since 1999.
L&M Petroleum Limited is dual listed on the ASX and NZX, and is the Operator for all seven of its New Zealand exploration joint ventures.