New Zealand Energy Corp. (NZEC or the Company) received New Zealand government approval for the acquisition of strategic upstream and midstream assets (the Acquisition) from Origin Energy Resources NZ (TAWN) Limited, a wholly-owned subsidiary of Origin Energy Limited. The formal closing time for the Acquisition has been set for 10 am Oct. 29 New Zealand time (2 pm Oct. 28 Vancouver time).
Upon closing, NZEC will hold a 50 percent interest in the Tariki, Waihapa and Ngaere Petroleum Mining Licenses in the main Taranaki Basin production fairway, as well as the Waihapa Production Station and associated gathering and sales infrastructure (collectively, TWN Assets). NZEC and L&M Energy Limited (L&M) are acquiring the assets jointly and will form a 50/50 joint venture to explore, develop and operate the TWN Assets. NZEC’s technical and engineering teams, in collaboration with L&M, have prepared a detailed development and exploration plan for the TWN Assets that will commence immediately upon closing (see NZEC press release dated Aug. 6).
“We greatly appreciate the efforts of New Zealand Petroleum & Minerals to expedite the approval process,” said John Proust, CEO & director of NZEC. “We look forward to formally closing the acquisition Oct. 29 so that we can focus on developing the TWN Assets for the benefit of NZEC’s shareholders, L&M and our New Zealand community partners.”
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