NZ Oil and Gas to sell part of Kupe

The sale consideration for the interest is NZ$9.2 million, together with a provision, subject to certain conditions, to repurchase 2.5% thereof.

The sale comes at a time when there is news that Genesis Power is in the final stages of selling down to a new operator, reported to be Origin Energy, to facilitate development of Kupe reserves of 260 petajoules of gas and 16 million barrels of oil.

NZOG retains a 15% equity stake in the Kupe venture. The sale is subject to regulatory approval as well as rights of pre-emption by existing co-venturers in the project.

NZOG is also currently in negotiations to sell its share of the gas, likely to be used for power generation. Executive chairman Tony Radford said "NZOG looks forward to strengthening it's ties with Mitsui through the sale of a portion of NZOG's interest in Kupe."

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