Loyz Energy

Loyz Energy: Update on deal with STP: Co has signed an agreement to acquire its first New Zealand petroleum exploration permit for US$6.5m which allow co to explore for hydrocarbons (oil) in Awakino, Taranaki Basin. This follows the deal's deadline extension in Apr 2012. Plans have been made to drill one exploration well before 2013 and to invest approx US$30m in it. Co expects a high success rate in finding oil and is of the view this marks co's move into nxt phase of growth.