Indo-Pacific Energy Ltd., Wellington, N.Z., was awarded four new exploration permits onshore and offshore Taranaki Basin of New Zealand. Three are situated onshore and consolidate the company's land position over several hundred square kilometers of the basin area for shallow targets. The acreage also includes deeper gas targets. Additionally, Trans-Orient Petroleum Ltd., Vancouver, has acquired 175,000 units of Indo-Pacific for US$0.80 per unit. Trans-Orient will hold approximately 12% of the issued and outstanding shares of Indo-Pacific and 17% on a fully diluted basis. Premier Oil Plc, London, will transfer its 26.67% interest in the Yetagun project, Myanmar, to Petronas International Corp. Petronas will cancel its 25% stake in Premier, repay Yetagun project debt of US$152 million, and make a cash payment of US$107 million. Premier will also transfer a 15% interest in Natuna Sea Block A, Indonesia, to Petronas in consideration for the cancellation of Petronas' 16.4 million convertible shares held in Premier and a cash payment of US$100 million. Premier will also transfer a 23% interest in Natuna to Amerada Hess Corp. in exchange for the cancellation of Amerada Hess' 25% ordinary shareholding in Premier and 16.4 million convertible shares and a cash payment of US$17 million. Premier will retain a 28.67% interest in and the operatorship of Natuna. Woodside Petroleum plans to acquire 10 million ordinary shares in junior Australian oil and gas company Hardman Resources Ltd., Melbourne, Australia, for US$0.70 cents a share. Hardman has a 21.6% stake in the Chinguetti development in Mauritania. CNOOC, Hong Kong, and Texaco China Co., Singapore, a unit of U.S.-based ChevronTexaco Corp. have entered a joint venture to develop oil from a field in the Bohai Sea. The field, Bozhong 25-1/25-1 South, covering 218 kilometers in northern China's Bohai Sea, has total reserves estimated at 210 million cubic meters. CNOOC will hold a 83.8% stake in the field, and Texaco China will hold the remainder. Additionally, CNOOC and Husky Oil China Ltd. will jointly explore blocks 23/15 and 23/20 in the South China Sea. Blocks 23/15 and 23/20 are both in the Beibu Gulf Basin about 80 kilometers from Weizhou oil fields and they cover 1,327 square kilometers and 1,543 square kilometers respectively. Husky will fund 100% of the exploration expenditure incurred. ATP Oil & Gas Corp., Houston, and First Oil Expro Ltd., Surrey, U.K., have entered a joint venture for the development of the Helvellyn Field in Block 47/10 in the Southern Gas Basin of the U.K. North Sea. First Oil will earn a 50% working interest through funding 50% of the project's costs in addition to paying an undisclosed amount. ATP will retain a 50% working interest and will continue as the operator of the field.
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