Raisama Withdraws from Farm-In Agreement Offshore New Zealand

New Zealand Oil & Gas (NZOG) revealed Wednesday that Raisama Energy is withdrawing from its farm-in agreement to participate in drilling the Kakapo structure in PEP 51311, offshore Taranaki Basin.

NZOG noted in its statement that Raisama acquired the opportunity to earn a ten percent interest in the prospect by paying 20 percent of drilling costs up to $3.1 million (AUD 3 million) and 10 percent after that.

"As the well has not yet been drilled, Raisama's withdrawal means it will not incur these costs," NZOG said in its disclosure.

NZOG is at present, seeking further farm-in partners and a drilling rig on suitable terms.

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