new zealand oil exploration in wsj, page-5

The big question is whether the OXX/NZO farmout proposals will fit with these guys [fantastic strategy, see below, since the early entrant into the emerging basin basically gets first pickings at all the big and obvious targets - for example Romney]. The OXX/NZO farmout is not really deepwater or alternatively if the potential kitchens are seen as deep water the problem still remains of the lack of obvious carrier beds [and hence potential migration path] between kitchen and prospect:

The strategy of Discover Exploration Limited ("Discover" or the "Company") is to deliver value to shareholders through participation in exploration and appraisal programmes focussing on deepwater petroleum systems. Discover concentrates on young emerging basins, de-risked through 2D and 3D seismic, and where appropriate participates in multi-well drilling programmes through farm-ins, farm-outs and M&A activity.

The management team, led by Executive Directors Michael Blaha, John Craven and Michael Nolan, has strong technical expertise in deepwater hydrocarbon plays, solid industry reputations and continuing relationships with major oil companies. The Company works with reliable, well financed and proven partners to build a balanced portfolio of exploration assets with both oil and gas potential.