tui jv partners acquire mitsui’s 35% fo us$15m

Dear All,

Announcement just out:-

Following a decision by Mitsui E&P Australia Pty Ltd to divest its 35% interest in PMP38158 which contains the Tui Area Oil Project, Pan Pacific Petroleum NL (PPP), AWE Limited, and New Zealand Oil & Gas Ltd, via their subsidiaries, will increase their respective interests as detailed in Table 1 below, with PPP acquiring an additional 5%.


PPP held 10%, now increased 5% to 15% paying $2.143M
AWE, Operator held 42.5% now increased 15% to 57.5% paying $6.429M
NZOG held 12.5% now increased 15% to 27.5% paying
$6.429M

Table 1 Joint venture interests and purchase consideration
The sale will have an economic date of 1 October 2013 and is subject to approval by the New Zealand Minister of Energy and Resources. A Mitsui affiliate will remain as the oil marketing agent for the Tui project.