Indo-Pacific Energy Ltd. (INDOF) advises that Century Drilling Ltd?s Rig #2 is now being set up on the Kahili-1 site in onshore Taranaki Basin, New Zealand.
Drilling on the Kahili Prospect is expected to begin within the next two weeks. Indo-Pacific will operate this well and presently holds 100% equity in this prospect and the associated permit area PEP 38736; but may reduce this equity by farmout to third parties prior to commencement of drilling.
In a separate drilling program, third parties will shortly commence drilling of Makino-1 adjacent to Indo-Pacific?s PEP 38716 permit area ( INDOF : 23.8%) to test a structure which extends into PEP38716. Both wells are expected to reach their main objectives early in the New Year.
The Company advises that it does not currently intend to proceed with either the financing or alternative stock exchange listing under the authority granted to the Board at the AGM in June this year, although the potential for share placements to third parties at appropriate times will continue to be reviewed. The Board has also decided that 1,176,000 outstanding options shall be repriced to $1.25, representing a 20% premium above current market. The associated multi-year vesting provisions on these options remain unaltered.