NZOG buys Hoki stake

New Zealand Oil and Gas is buying a 10 per cent stake in the Hoki oil prospect permit area off the Taranaki coast.

Hoki is the largest untested prospect in the western margin of the Taranaki basin.

NZOG said the stake purchased from OMV New Zealand for an undisclosed sum is in permit 38401, 150km northwest of New Plymouth.

The semi-submersible drilling rig Kan Tan IV will drill the Hoki-1 well later this year to test the Island Sandstone reservoir and North Cape formation.