Our basin (our oil)

The Raukumara Basin of the North Island's East Coast is the focus of protest over the exploration for oil by Petrobras but that's not the only 'basin' under scrutiny - there's one down here as well. I've lifted a comment by 'Kaukapakapa' (Hope you don't mind K) on Frogblog because it relates to the Great South Basin and that's our territory.

"But isn’t anyone else concerned that at least one other exploration company may be drilling in deep water within the next 18 months?
I’m referring to three exploration permits that OMV were awarded in the Great South Basin. In the next 12 weeks OMV has to make a commitment to drilling exploratory wells in all three, or surrender the permits to Crown Minerals.
First example – Permit 50120 which is an 8,352 sq km offshore block off the SE tip of New Zealand. If OMV don’t surrender the permit by 10 July 2011, they then have until July next year to drill one exploration well to an indicative minimum depth of 3,500 metres below sea level “unless geological or engineering constraints encountered whilst drilling make this unreasonable”
Then there’s Permit 50121 which is a 16,520 sq km offshore block that extends off the coast of Stewart Island. If that permit isn’t surrendered, OMV will have to drill TWO exploration wells “to an indicative minimum depth of 1,500 metres below sea level in western areas of the permit or 3,500 metres below sea level in eastern areas of the permit…”
Last example is Permit 50119 – a 23,860 sq km block stretching between Dunedin and Balclutha. The TWO exploration wells in that area are to be drilled “… to an indicative minimum depth of 2,000 metres below sea level…”
Not wanting to take anything away from what’s happening in the Raukumara Basin, but let’s also focus some attention on companies who may be drilling in deep water far sooner than Petrobras would be.