NZ Oil and Gas farms out quarter-stake in Kaheru prospect to ASX-listed Beach Energy

Mon, 29 Oct 2012

Oct. 29 (BusinessDesk) - New Zealand Oil & Gas has farmed out a 25 percent stake in its Kaheru prospect off the South Taranaki coast to ASX-listed Beach Energy for US$3 million. The Wellington-based company will keep 35 percent of the permit, with Beach holding 25 percent and Tag Oil 40 percent, it said in a statement. NZOG is the operator of the exploration permit. The deal is subject to ministerial consent, and will see Beach take on a quarter of future joint venture costs and pay the first US$3 million of NZOG's bill. "The Kaheru prospe...

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