(EnergyAsia, December 9 2011, Friday) — Singapore’s Loyz Energy said upstream subsidiary Loyz Oil Pte Ltd will acquire majority interests in two oil and gas exploration permits in New Zealand and Australia as it looks to establish itself in the Asia-Pacific region.
In Australia, Loyz Oil’s wholly-owned Loyz Oil Australia Pty Ltd will secure an initial 20% stake in a petroleum exploration permit (PEP) owned by Trident Energy Limited for A$650,000. (US$1=A$0.98).
Under the farm-in agreement, Loyz will jointly operate the PEP with Trident and conduct exploration activities off the coast of Victoria state in Australia. Upon completion of the interpretation of the permit’s 3D seismic data, Loyz will raise its interest to 70% subject to the approval of the Australian authorities.
Last month, Loyz signed a memorandum of understanding to purchase an interest in a PEP to explore oil and gas reserves in the underdeveloped Taranaki Basin off New Zealand’s North Island.
Loyz said it is negotiating a definitive agreement and has paid an upfront refundable deposit of US$1.5 million for the stake in the PEP owned by STP Energy Pte Ltd, a Singapore-incorporated upstream company.
Adrian Lee, Loyz Energy’s executive director, said:
“These latest developments are a testament to the market’s confidence in the group and a recognition by the industry of our capabilities in E&P work. We believe that our experienced team and access to superior technologies will continue to open doors for Loyz Energy into new markets and concessions, which will strengthen our position as an independent upstream player in the Asia-Pacific.”