Where to now??If I am correct I can see a couple of drills ahead...

Where to now??

If I am correct I can see a couple of drills ahead for OXX in the near future.

Although the 2013 Annual Report doesn't have this as occurring, my reading of the farm-out documents for 2 OXX NZ permits, both @ 50% ownership, has 2 wells due in March or the second quarter in 2014.

The international farm-out program based out from London states the following:

"New Zealand Oil & Gas Ltd (Operator) and Octanex NZ Ltd are offering equity in Petroleum Exploration Permit (PEP) 53473 (Takapou), located immediately north of the Tui Oil Field, offshore Taranaki Basin, New Zealand. The Permit holds multiple drilling opportunities with the key target prognosed to be on trend with the producing reservoir at Tui."

"New Zealand Oil & Gas Ltd (Operator) and Octanex NZ Ltd are offering equity in Petroleum Exploration Permit (PEP) 52593 (Taranga), located north of the Tui oil field, offshore Taranaki Basin, New Zealand. The Permit holds multiple significant scale opportunities in water depths suitable for semi-submersible drilling."

"A suitable semi-submersible rig is in New Zealand waters now and could be used to drill the leading prospect in each permit in 2014."

"For both permits material equity and Operatorship are available in return for a cash consideration and promoted carry on future drilling."

This type of arrangement if successful is typical of the OXX exploration strategy which is designed to get involvement in prospective areas whilst maintaining shareholder value.