Statoil joins Pegasus hunt

NORWAY'S Statoil is reportedly feeling lucky enough to splurge on some frontier exploration in New Zealand, signing up to take a 30% stake in the deepwater Pegasus Basin off the east coast of the lower North Island from Australia's OMV.

The basin stretches from off the Wellington and Wairarapa coasts and is almost entirely unexplored.

The Pegasus farm-in is subject to regulatory approval.