Origin Energy Completes Divestment of TAWN Licenses to NZEC

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Origin Energy Limited (Origin) announced Tuesday the formal completion of the divestment of its Tariki, Ahuroa, Waihapa and Ngaere (TAWN) licenses, as well as the Waihapa Production Station and associated gathering and sales infrastructure in New Zealand, to New Zealand Energy Corp. (NZEC). In a related transaction, NZEC transferred the Ahuroa licence to Contact Energy.

All conditions associated with the Sale and Purchase Agreement have been satisfied.

Origin's sale consideration is $28.73 million (CAD 30 million) plus a 9 percent royalty payable on all future hydrocarbon production from the Tariki, Waihapa and Ngaere licenses.

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