New Zealand Energy Corp. has been granted an extension of land to its Eltham Permit (PEP 51150) in the Taranaki Basin of New Zealand's North Island.
New Zealand Petroleum and Minerals has granted NZEC an additional 700 acres (2.83 km2) in the northwest corner of the Eltham Permit. The land extension gives NZEC control over two prospects that were overlapping the Eltham Permit boundary, and will allow NZEC to drill the prospects from the optimal location.
NZEC will proceed to obtain land access agreements and resource consents and expects to drill the prospects as part of the Company's previously announced eight well exploration program in the second half of 2012.
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