Ann: GENERAL: NZO: PRC Payments Received

• Release Date: 10/08/12 16:48
• Summary: GENERAL: NZO: PRC Payments Received
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NZO
10/08/2012 14:48
GENERAL

REL: 1448 HRS New Zealand Oil and Gas Limited

GENERAL: NZO: PRC Payments Received

NZOG (New Zealand Oil & Gas Ltd) has confirmed receipt of $5 million from the
receivers of Pike River Coal Ltd (PRC) (in receivership) with a further
payment expected before the end of the year.

The payment follows the sale of PRC to Solid Energy last month.

NZOG expects further payments of up to $2.5 million before the end of the
calendar year.

In addition, Solid Energy will pay a further $25 million (Deferred Payment)
by instalment commencing when extraction from the mining permit area over a
consecutive 12 month period reaches 250,000 tonnes or when total aggregate
extraction over any period reaches 1.25 million tonnes, whichever occurs
first. Once that trigger date is reached, if due to the 250,000 tonne
trigger, Solid Energy will pay $2.5 million.

On each anniversary of the trigger date until the Deferred Payment has been
paid in full, Solid Energy will pay a further instalment based on the
relevant coal extraction of the previous 12 months
End CA:00225834 For:NZO    Type:GENERAL    Time:2012-08-10 14:48:59