The applicant, CBX Energy Limited - incorporated on the 5th of January - is half owned by Wellington-man Craig Barry. The other half is registered to Potai FZ LLC, a company based in the UAE, founded by Timothy Barry.
Potai FZ LLC has ties to Silver Bull Resources, a US-traded mineral exploration company based in Canada, also owned by Tim Barry. He is the CEO of Arras Minerals Corp, a Kazakhstan based company prospecting copper and gold.
New Zealand Petroleum & Minerals (NZP&M) is allowing competing applications that are open for the next 3 months. A permit may be awarded to the best application that also meets requirements of the Crown Minerals Act 1991.
A petroleum prospecting permit is an early‑stage, low‑impact permit that allows a company to search for evidence of petroleum/oil and gas.
“The Canterbury Basin, off the east coast of the South Island, is one of New Zealand’s 18 sedimentary basins with known or potential hydrocarbons. It has long been viewed as a promising but largely untapped opportunity,” Resources Minister Shane Jones says.
“Further prospecting and exploration in the Canterbury Basin could unlock new domestic energy resources, strengthening New Zealand’s long‑term energy resilience and creating valuable economic opportunities.”
Since the petroleum exploration ban was removed in late 2025, two exploration permit applications have progressed through the competitive process and are now under assessment. Decisions are expected later this year.
Applications for the Canterbury Basin will be closed on the 24th of June.
