Poor prospects prompt Widespread exit from NZ licence

NEW Zealand exploration minnow Widespread Energy has surrendered its onshore-offshore West Coast exploration licence PEP 50439, citing limited kitchen size, charge and potential oil and gas reservoirs.

The Crown Minerals Group granted Widespread PEP 50439 in March 2008 over an area originally covering 3269 square kilometres between the South Island towns of Hokitika and Punakaiki.