Wednesday, 15 August 2018

Announcement

TRANSACT: NZO: Regulatory approvals received for Kupe transaction

12 Dec 2017 09:02NZX
Approval has been received from the Overseas Investment Office and from New
Zealand Petroleum & Minerals for New Zealand Oil & Gas to purchase Mitsui E&P
Australia''s 4 per cent interest in the Kupe gas and light oil field.

The transaction was announced in May and has an effective economic date of 1
January 2017.

All conditions required for completion of the transaction have now been
satisfied. The transaction is expected to complete within the next ten days.

Kupe is offshore from South Taranaki. It comprises an offshore
remote-operated production platform, a pipeline and umbilical cable to shore,
and an onshore production facility near Hawera.

New Zealand Oil & Gas initiated the discovery of the field in the 1980s and
its development in the 2000s. Its 15 per cent interest was sold to Genesis
Energy on 1 January 2017.

More detail about the transaction is available here:
https://www.nzog.com/dmsdocument/284

Kupe is operated by Lattice Energy Resources (Kupe) Limited, which together
with its related companies has a 50 per cent interest. Genesis Energy,
through its subsidiaries, holds 46 per cent.

John Pagani
External Relations Manager
+64 21 570 872
End CA:00311774 For:NZO    Type:TRANSACT   Time:2017-12-12 09:02:54
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