Ann: ASSET: NZO: PRCL purchase offer

• Release Date: 09/03/12 16:14
• Summary: ASSET: NZO: PRCL purchase offer
• Price Sensitive: No
• Download Document  1.02KB

					

NZO
09/03/2012 14:14
ASSET

REL: 1414 HRS New Zealand Oil and Gas Limited

ASSET: NZO: PRCL purchase offer

As a secured creditor of Pike River Coal Ltd (in Receivership), NZOG (New
Zealand Oil & Gas Ltd) welcomes the announcement by PRCL's Receivers that
they have reached agreement with Solid Energy for the sale of the assets.

NZOG Chief Executive Andrew Knight says it is excellent news.

"The Receivers and Solid Energy both now have the objective of successfully
completing the sale and purchase of PRCL and its assets, and are negotiating
in good faith to achieve that.

"NZOG has been supporting the receivership in the belief that a sale of the
mine is the best outcome for all parties. Preparing the site for commercial
operations offers the best chance for recovery of the miners, and a safe
well-run mine will make a major contribution to the West Coast economy.

"We look forward to a successful conclusion of the Receivers' discussions
with Solid Energy."
End CA:00220553 For:NZO    Type:ASSET      Time:2012-03-09 14:14:46