Monday, June 11, 2012
Read News Release Here: http://bit.ly/NZStratAcq
New Zealand Energy (TSX-V:NZ) is pleased to announce the strategic acquisition of upstream and midstream assets from Origin Energy Limited. These assets include four petroleum mining licenses, the Waihapa Production Station, and associated gathering and sales infrastructure.
The petroleum licenses cover over 26 thousand acres and are located in the Taranaki Basin production fairway. The properties include 16 established drill pads with production infrastructure in place, along with log data from 27 wells that demonstrate multi-zone potential in New Zealand Energy's target formations. In addition, the acquisition includes 93 square kilometres of 3D seismic data and 585 kilometres of 2D seismic, and New Zealand Energy has already identified a number of new drilling targets on the properties.
Owning the Waihapa Production Station will give New Zealand Energy strategic control over oil and gas gathering, processing and sales infrastructure in the region, providing New Zealand Energy with the capacity to process its own production at reduced costs while also generating cash flow from third-party processing agreements.
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