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- Release Date: 06/12/13 15:54
- Summary: JOINTV: NZO: Tui acquisition completed
- Price Sensitive: No
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NZO
06/12/2013 13:54
JOINTV
REL: 1354 HRS New Zealand Oil and Gas Limited
JOINTV: NZO: Tui acquisition completed
The transfer of Mitsui's 35 per cent interest in the Tui oil fields has been
completed.
New Zealand Oil & Gas, AWE Limited (operator), and Pan Pacific Petroleum
announced in October they would increase their respective interests in Tui
following Mitsui's decision to divest its share.
The sale has an economic date of 1 October 2013. The sale has now received
approval from New Zealand's Minister of Energy and Resources.
THE JOINT VENTURE PARTNERS IN PMP 38158 ARE:
AWE Limited (Operator) 57.5%
New Zealand Oil & Gas 27.5%
Pan Pacific Petroleum 15.0%
In the Oi exploration well AWE Limited will participate at 31.25%, New
Zealand Oil & Gas at 18.75% and Pan Pacific Petroleum at 50%. AWE Limited and
New Zealand Oil & Gas may restore their equities in any development subject
to reimbursement of pro-rata costs and payment of a buy-back premium.
John Pagani
External Relations Manager
M: +64 21 570 872
End CA:00244847 For:NZO Type:JOINTV Time:2013-12-06 13:54:04
