Headline: PEP 55794 Relinquishment
New Zealand Oil & Gas have applied to relinquish Petroleum Exploration Permit 55794 (Toroa) which contains the Kaipatiki prospect.
“PEP 55794 is the last of our New Zealand exploration permits. The same confluence of events that led us to relinquish our Clipper permit: adverse regulatory settings for offshore exploration; the dry hole at OMV’s Tawhaki permit; the recent announcement terminating Wherry-1 drilling; and the effects of COVID on drill rig costs and availability have caught the Toroa permit in the same perfect storm. We have exhausted all avenues to find a potential partner to progress drilling this acreage and so reluctantly relinquish,” says Chief executive Andrew Jefferies.
New Zealand: NZOG relinquishes Toroa permit PEP 55794 in the Great South Basin
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Scott Morrison hangs Keith Pitt out to dry on PEP 11 extension
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Why did the BPH Energy (ASX:BPH) share price tank 24% today?
Mitchell Lawler | February 18, 2021 5:25pm |
More on:
The
BPH Energy Ltd(ASX: BPH) share price continues to do its dance of speculation. Up and down, the volatility persists, as it has since late January. The culprit appears to be the contest over whether a drilling program will go ahead.
Shares closed the day at 16.5 cents, down 24%.
Why is the BPH Energy share price falling?
The story so far
On 1 February BPH Energy announced its proposal to use the Sydney Basin drilling program to investigate the potential for a carbon capture and storage (CCS) project. The company proceeded to conduct a capital raise to fund the proposed project.