L&M Energy to Control New Zealand Gas Condensate Field

L&M Energy has exercised its pre-emption rights to secure a 100% interest in a New Zealand permit that hosts the Kahili gas condensate field, Proactive Investors Australia has reported.

AGL Energy subsidiary Mosaic Oil NZ Limited had previously said it was selling its 75% interest in PEP 53247 (Kahili).

PEP 53247 covers the area previously held under ex-production licence PMP 38153. Kahili-1 spudded on 12 December 2001 and intersected a gross 42.7 metre hydrocarbon column in the Tariki Sandstone.

Two sidetracks were drilled to assess the up-dip potential and Kahili-1B encountered net pay of 20.94 metres. This flowed 6 million cubic feet of gas and 200 barrels of condensate per day with no water during testing.