Canadian Overseas Petroleum Limited’s subsidiary, COPL New Zealand Limited, has been advised by its joint interest partner, Marauder Resources East Coast (NZ) Ltd. (“Marauder”), that Marauder has been awarded Petroleum Exploration Permit 53806 in the East Coast Basin offshore New Zealand.
The agreement between COPL NZ and Marauder provides for each company to hold a 50% working interest in PEP 53806. COPL NZ is completing the necessary legal and regulatory requirements to be recognized on the license and expects that this will conclude within a matter of days. Marauder will be the operator of PEP 53806 for the first year, after which time COPL NZ will then assume operatorship. The permit covers 965 square kilometres and has an initial term of 5 years.
Arthur Millholland, President and CEO of COPL, commented, “We are pleased to have the opportunity to expand our international presence, especially in such an attractive exploration region as the East Coast Basin. We look forward to working with Marauder on this license.”
November 5, 2012