Oil, Gas and Consumable Fuels
Company Overview of L&M Energy Limited
L&M Energy Limited engages in the exploration and development of oil, natural gas, and coal seam gas resources in New Zealand. It holds equity interests in approximately 8,000 square kilometers of exploration acreage across 5 basins in New Zealand. The company was formerly known as L&M Petroleum Limited and changed its name to L&M Energy Limited in January 2010. L&M Energy Limited is based in Wellington, New Zealand.
St John House
114 The Terrace
PO Box 10-895
Key Executives for L&M Energy Limited
Compensation as of Fiscal Year 2013.
L&M Energy Limited Key Developments
New Zealand Energy Extends Alton Permit for Second Five-year Term, Provides Update on Eltham and Castlepoint Permits
Nov 7 13
New Zealand Energy Corporation announced that it has received approval from New Zealand Petroleum & Minerals ("NZPAM") to extend the Alton Permit (Petroleum Exploration Permit 51151) for a second five-year term. NZEC owns a 65% interest and is operator of the Alton Permit, through its subsidiary Taranaki Ventures II Limited. NZEC is exploring the permit in a joint arrangement with L&M Energy Limited ("L&M"). NZEC and L&M have received NZPAM approval to extend the exploration term of the permit to September 23, 2018. Concurrent with the extension, NZEC and L&M have relinquished 50% of the Alton Permit. The new permit area comprises 59,565 acres (241.052 km(2)), bringing NZEC's Taranaki Basin portfolio to 159,864 net acres (646.9 km(2)). The joint venture partners also received an extension to their obligation to drill the Horoi commitment well, along with approval of a new work program for the Alton Permit. The new work program requires NZEC to drill two exploration wells, process 20 km(2) of 3D seismic and 20 line km of 2D seismic, and complete a number of technical studies and reports. NZEC plans to drill the first commitment well - the Horoi well - into a Mt. Messenger target commencing in late February 2014.
New Zealand Energy Corporation Forms Joint Venture with L&M Energy Limited to Explore and Operate TWN Licenses
Jul 30 13
New Zealand Energy Corp. has signed a binding Letter Agreement with L&M Energy Limited whereby LME will pay NZEC to form a 50/50 joint venture to explore, develop and operate the Tariki, Waihapa and Ngaere Petroleum Mining Licenses the Waihapa Production Station and associated pipelines and infrastructure. The parties intend to finalize the definitive agreements shortly with the objective of closing the transaction contemporaneously with closing of the acquisition of the assets from Origin Energy Resources NZ (TAWN) Ltd. NZEC will become the operator of the TWN Licenses and the Waihapa Production Station. Decisions regarding exploration, development and operations of the Waihapa Assets will be made by management committees with equal representation from both companies. LME will pay NZEC CAD 18.25 million, comprising half of the purchase price for the Waihapa Assets plus half of NZEC's costs incurred to date. Closing the TWN Joint Venture is subject to government and regulatory approvals, obtaining the additional funding and the closing of the Sale and Purchase Agreement with Origin, as announced by NZEC on June 17, 2013. Once the conditions precedent have been met and both the TWN Joint Venture and the Waihapa Assets Acquisition are complete, NZEC and LME will each own 50% of the TWN Licenses comprising 23,049 acres in the Taranaki Basin of New Zealand's North Island. NZEC and LME will also each hold a 50% interest in the Waihapa Production Station and associated oil and gas gathering and sales pipelines and other infrastructure associated with the TWN Licenses and the Waihapa Production Station.
L&M Energy Limited Provides the Operational Update on its Activities; Announces Executive Changes
Dec 19 12
L&M Energy Limited has provided the operational update on its activities. PEP 53247 (Kahili) (LME share: 25%): Preparations for the drilling of the Kahili-2 well within PEP 53247 (Kahili) have been underway for a considerable period. During the preparations it was discovered that the Kahili-1 well, which had been drilled by previous permit holders, was leaking a small amount of gas to the surface. For safety reasons, the Joint Venture partners agreed that drilling would not be undertaken on site until the leak is stopped. Identifying the source of the gas leak, developing appropriate remedial action and liaising with the regulatory authorities has taken a considerable time to finalise. The program to deal with the leak will consist of initially injecting a brine solution to halt the leak. The zone will then be cemented to provide a permanent solution. The remediation work is scheduled to commence in mid-January 2013 when equipment and personnel become available. Kahili-2 is anticipated to commence drilling late February-early March 2013. Background: PEP 53247 (Kahili) is located in the onshore Taranaki Basin. The participants in the permit are L&M Energy Limited (25%), and Mosaic Oil NZ Limited (75%), a wholly owned subsidiary of the Australian company AGL Energy Limited. The Kahili Field was discovered in 2002 and the previous permit holders achieved a brief period of commercial gas and condensate flows. In anticipation of production, a processing facility and pipeline connecting to the gas network was constructed by NGC (now Vector Ltd) and is currently under a care and maintenance programme. In 2011 the Joint Venture acquired over 30km of new high quality 2D seismic, reprocessed over 200km of existing 2D seismic data, undertook a comprehensive geological and reservoir modeling study and mapped an encouraging drilling target, Kahili-2. PEP 51151 (Alton) (LME share: 35%) is located in the onshore Taranaki basin near the highly productive Waihapa, Cheal and Copper Moki oil discoveries, covering an area of 482.4 sq km. The joint venture has completed the field acquisition phase of the 50 sq km regional 3D seismic programme and interpretation of the data is now underway which is anticipated to be completed in the first quarter 2013. The 3D seismic was acquired within the northern part of the Alton permit targeting Mt Messenger, Urenui and Moki plays. Following completion of the interpretation it is hoped that high grade potential drilling locations will be selected to form the foundation of a 2013 drilling program focussing on the Mt Messenger, Urenui and Moki plays. The strategy of using 3D seismic to identify wells that have a well-defined, lower-risk shallow oil target coupled with deeper exploration targets has proven highly successful in adjacent exploration permits including the nearby Cheal, Sidewinder and Copper Moki fields. L&M Energy applied for additional onshore Taranaki permits as part of the New Zealand Petroleum and Minerals (NZPAM) 2012 Blocks offer.
The company also announced that the company's Chief Executive Officer, Mr. Kent Anson has decided to return to Australia for personal and family reasons. He will remain with the company until the current takeover offer by New Dawn Energy Limited is concluded. Mr. Anson joined the L&M Group in 2008 to lead the coal seam gas exploration activities. He was appointed Chief Executive of L&M Energy Limited in 2010 following the acquisition of L&M Coal Seam Gas Limited. Mr. Bruce McGregor has been appointed as CEO-designate. Mr. McGregor is currently Chief Financial Officer and company secretary. Mr. McGregor joined the company early 2007 following roles at Fletcher Energy, Shell Petroleum Mining and Austral Pacific.
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