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    Origin to Sell Gas Fields in New Zealand

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Summary

Origin Energy has agreed to sell its Tariki, Ahuroa, Waihapa and Ngaere (TAWN) fields in New Zealand's Taranaki region to New Zealand Energy Corp. for $40.8 million.

by: Shardul

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Asia/Oceania

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Origin to Sell Gas Fields in New Zealand

Origin Energy has agreed to sell its Tariki, Ahuroa, Waihapa and Ngaere (TAWN) fields in New Zealand's Taranaki region, along with the Waihapa Production Station and associated infrastructure assets, to Canada's New Zealand Energy Corp. for $40.8 million.

As part of the agreement, Origin will maintain an option for a period of 10 years to use eight wells within the TAWN fields for gas storage. Further, NZEC will fund a development well in the Waihapa licence and Origin will retain 50 per cent production rights from that well.

The sale is expected to complete in October 2012. Origin will continue as operator of Waihapa Production Station during a transition period expected to conclude in mid-2013.

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