Hot on the heels of last week's High Court application by Methanex New Zealand comes news of the dispute between Goldie operator Indo-Pacific and new player Greymouth.

Indo-Pacific has advised its North American shareholders that the sale by Shell New Zealand to Greymouth of Shell's total 59.57% stake in mining licence PMP 38148, in which all the Ngatoro and Goldie pools are situated, was finally completed in late April.

The Canadian-listed company also said Greymouth Petroleum principals Mark Dunphy and John Sturgess had claimed they were entitled to a greater equity in the Goldie project within the Ngatoro mining licence. There were also likely to be other matters about which Greymouth sought resolution.

Indo-Pacific chief executive Dave Bennett today declined to comment further. "That's an accurate statement of the current situation," was all he would say from Wellington.

Mr John Sturgess also declined to comment.

However, industry commentators say Greymouth is probably claiming it is entitled to a percentage of fellow Ngatoro partner New Zealand Oil and Gas' share at no extra cost, while Indo-Pacific maintains Greymouth's original purchase of the Shell share of PMP 38148 was just that and covered Shell's buy-back into Goldie and nothing else.

One commentator said Greymouth's aggressive stance was unlikely to succeed if the matter ever went to court.

Indo-Pacific says it disputes the basis of Greymouth's assertion, and that Greymouth would have to make an additional cash payment, based on future oil prices, reservoir performance and other operational factors, to ever take a greater slice of the Goldie pie.

Last year Shell NZ exercised its right to buy back into the Goldie pool for an unspecified premium, while NZOG declined to do so.

Goldie has now produced over 170,000 barrels since early last year and Indo-Pacific is basing its future onshore Taranaki exploration, plus the optimisation of production for the whole Ngatoro mining licence, on the continued success of the pool. Goldie produces a light, sweet crude, with less wax content than other Taranaki oil, and should soon be linked into the nearby Ngatoro production facilities. Negotiations are continuing with a number of interested parties regarding them buying Goldie gas.