NZOG sells 27.5% stake in Tui oil field for US$750,000

Tue, 14 Feb 2017

By Paul McBeth Feb. 14 (BusinessDesk) - New Zealand Oil & Gas, which is on the prowl for new investment opportunities, has sold its 27.5 percent stake in the Tui oil fields off the coast of Taranaki for US$750,000. The Wellington-based company has been considering the exit since mid-December when Tamarind, an energy company backed by Blackstone Energy Partners, bought a 57.5 percent interest from the field's operator, AWE. Tamarind will take on the field's assets and liabilities, including US$4.7 million in oil, $6 million of working cap...

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