NZOG receives $5 million from Pike Rive Coal receivers

Fri, 10 Aug 2012

Aug. 10 (BusinessDesk) - New Zealand Oil & Gas will receive a $5 million payment from the receivers of Pike Rive Coal after it was sold to Solid Energy in May. A further payment of up to $2.5 million is expected before the end of the year. Solid Energy will also pay a further $25 million by installments if and when extraction from the mine permit area reaches over 250,000 tonnes over a 12-month period or total extraction over any period reaches 1.25 million tonnes, whichever occurs first. Once the trigger date is reached, the state-owned mi...

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