L&M Petroleum is gearing up to drill the first of four onshore exploration wells that are planned to firm up the coalbed methane (CBM) potential in the company's Southland Basin permits in New Zealand. The operator believes that PEP38226 (Waiau) and PEP38238 (Blackmount) hold 300 Bcf (8.5 Bcm) of potential CBM resources.
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