Origin is one of the country's largest gas and oil explorers and, a year ago, said it could spend more than $US50 million ($NZ77 million) on a high-risk one-hole test-drilling programme for oil and gas in the area, but was seeking a partner with separate permits to share rig costs.
Origin has already completed a hydrographic seismic survey of the Carrack and Caravel prospects, covering about 300sq km in the designated southern point of the Canterbury Basin.
Origin had renegotiated with Crown Minerals last year to acquire further seismic surveys instead of drilling in 2009.
An Origin spokeswoman said data from the completed seismic survey was yet to be processed.
"A well commitment is not required until the latter part of 2010 [August]," she said.
Origin's two five-year permits, which cover about 13,600sq km and 23,800sq km respectively, are 65km off the coast of Dunedin.
The prospect area is in about 1000m of water and about 35km south of the Galleon 1 prospect, which was drilled by Shell BP Todd Canterbury Services in 1985 and found gas and oil, but was capped as not commercially viable.
The Carrack and Caravel structures were estimated to contain possibly 750 million barrels of recoverable oil, or 2700 petajoules of recoverable gas and 500 million barrels of associated condensate, if it was gas-charged.
• Origin's programme in the Canterbury Basin follows that of Australian consortium Tap Oil and Australian Worldwide Explorations' efforts in southern waters in late 2006. The rig Ocean Patriot capped and abandoned a test-drill well 21km off the North Otago coast as commercially unviable.
