L&M Petroleum Begins Offshore Oil Search

A major offshore search for oil and gas is now underway in the Solander Basin, southwest of Invercargill. Christchurch-based L & M Petroleum recently began a 1,000km offshore seismic survey in what is the biggest exploration in the region for two decades, and the company says preliminary results are promising. L & M Group says four large prospects and numerous leads have been identified and the current survey has been designed to enhance some of the larger targets prior to drilling. L & M also holds onshore Petroleum Exploration Permits covering the Waiau and Te Anau Basins where two drilling programs will be ready for testing within weeks. (Source: Newswire.co.nz)