Photo: ODT filesBeach Energy has committed $27 million for a 30% stake in OMV's exploration venture in the Great South Basin. "Tawhaki is one of three frontier exploration wells Beach will participate in over the next 18 months," chief executive Matt Kay said in a statement on ASX. OMV and Mitsui have been exploring in the Great South Basin since 2007 but Tawhaki-1 will be their first well in the region. OMV currently holds almost 83% of their exploration permit - PEP 50119 - having bought Shell's 50% stake last year. Beach also has a 37.5% interest in the larger Carrack-Caravel permit to the south where the venture wants to drill the Wherry prospect.

Source: Otago Daily Times December 19, 2019 03:00 UTC