Dangar, I'm not sure how relinquishment works when there is appraisal underway. Surely there has to be some linkage between acreage available for relinquishment and potential size of a discovery. For instance, what if any final mining licence area was to be greater than 25% of the original licence area?
Here's an interesting piece in the regulations:
(1) The Regulations require permit holders to notify NZP&M as soon as a practicable and not later than 20 working days after the date of a discovery.
(2) A petroleum discovery is considered to be established when there are significant moveable hydrocarbons in the drilling column as a result of exploration and/or appraisal well drilling operations, or well stimulation operations. Moveable hydrocarbons can be related to a sub-surface deposit which can be established through testing, sampling, and/or logging. Significant moveable hydrocarbons are considered to exist if there is evidence of a sufficient quantity of petroleum to justify further appraisal activities.
OXX Price at posting:
26.5¢ Sentiment: None Disclosure: Held
