NZ Energy Corp recuts deal for Origin Energy Taranaki assets

Mon, 17 Jun 2013

June 18 (BusinessDesk) – New Zealand Energy Corp has recut its troubled deal with Origin Energy for a range of onshore Taranaki oil and gas assets, cutting the purchase price by C$9 million to C$33.5 million, dropping one licence area, and assuming management of Contact Energy’s Ahuroa gas storage facilities. The revised purchase price will see C$30 million paid to Origin, plus a 9 percent royalty on net revenues, and C$3.5 million payment to Contact, which will in turn pay NZEC NZ$200,000 a year to run its Ahuroa gas storage facility. NZEC...

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