Oct 13 - New Zealand Energy Receives Government Approval for Acquisition of Assets

Source Press Release
Company Origin Energy LimitedNew Zealand Energy Corp. 
Tags Asset Deals, Deals, Upstream Activities
Date October 18, 2013

New Zealand Energy Corp. (TSX VENTURE:NZ)(OTCQX:NZERF) ("NZEC" or the "Company") has received New Zealand government approval for the acquisition of strategic upstream and midstream assets (the "Acquisition") from Origin Energy Resources NZ (TAWN) Limited, a wholly-owned subsidiary of Origin Energy Limited (ASX:ORG). The formal closing time for the Acquisition has been set for 10am October 29 New Zealand time (2pm October 28 Vancouver time).

Upon closing, NZEC will hold a 50% interest in the Tariki, Waihapa and Ngaere Petroleum Mining Licenses in the main Taranaki Basin production fairway, as well as the Waihapa Production Station and associated gathering and sales infrastructure (collectively, "TWN Assets"). NZEC and L&M Energy Limited ("L&M") are acquiring the assets jointly and will form a 50/50 joint venture to explore, develop and operate the TWN Assets. NZEC's technical and engineering teams, in collaboration with L&M, have prepared a detailed development and exploration plan for the TWN Assets that will commence immediately upon closing (see NZEC press release dated August 6, 2013).

"We greatly appreciate the efforts of New Zealand Petroleum & Minerals to expedite the approval process," said John Proust, Chief Executive Officer & Director of NZEC. "We look forward to formally closing the acquisition on October 29 so that we can focus on developing the TWN Assets for the benefit of NZEC's shareholders, L&M and our New Zealand community partners."

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