14 December 2022
NEW ZEALAND OIL & GAS SIGNS NEW EAST COAST GAS SUPPLY AGREEMENT
• New Zealand Oil & Gas signs a new Gas Supply Agreement with South32 Cannington for supply of gas from the Mereenie field
• Two-year term from 1 January 2023 for delivery of 0.38 Petajoules (PJ) of gas from New Zealand Oil & Gas into the East Coast domestic market.
• Fixed price, take-or-pay contract reflects strong market conditions
New Zealand Oil & Gas Limited (ASX:NZO, NZX:NZO) is pleased to announce that it has executed a new Gas Supply Agreement (GSA) with South32 Cannington Pty. Ltd. (South32) to supply 0.38 PJ of gas over two years, commencing 1 January 2023. The GSA is for firm gas supply, with take-or-pay provisions and a fixed price.
Gas supplied under the GSA will be aggregated with gas from the Mereenie Joint Venture (Macquarie Mereenie (50%), Central Petroleum (25%), New Zealand Oil & Gas (17.5%) and Cue (7.5%)) to deliver up to a total of 2.19 PJs to South32 over the two-year term, commercialising a portion of existing Mereenie uncontracted gas production for the period.
The S&P/NZX 50 Index closed at 12,076.85, down 89.29 points or 0.73%.
However, lawyer says Jim Grenon's board proposal doesn't appear to breach rules.
George Adams is out and Rob Hewett takes over.
To join your company account for BusinessDesk and enjoy full access, enter your email and we’ll send you details