NZEC is the operator and 65% owner of the 38,717-acre Alton Permit, in partnership with L&M Energy Limited. The Alton Permit adjoins NZEC’s Eltham Permit to the east and contains numerous leads in targets similar to those found on the Eltham Permit.
In 2012 NZEC completed approximately 50 km2 of 3D seismic on the Alton property. Interpretation of the 3D seismic data is revealing significant targets in the deeper Moki, Tikorangi and Kapuni formations, along with numerous targets in the shallower Mt. Messenger and Urenui formations. NZEC will prioritize these drill targets in the context of its 2013 exploration plans, and plans to drill one Mt. Messenger well on the Alton permit in Q1-2014 to access the Horoi target, which is in the Mt. Messenger formation.
According to an NI 51-101 compliant resource report prepared by AJM Petroleum Consultants in 2011, the Alton Permit contains five major leads holding an estimated 380 million barrels of net OOIP and 34.6 million barrels of net prospective resources (best estimate, 9% recovery).