NZOG bulks up Taranaki portfolio

NEW Zealand Oil and Gas is strengthening its Taranaki exploration portfolio, taking a 15% stake in the promising offshore Kaheru lease from AGL.

NZOG is paying $US3 million ($A2.8 million) for the stake held by AGL Upstream Gas in lease PEP 52181, which has a drilling commitment deadline of May this year and a well to be drilled by May 2013.