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New Zealand Oil & Gas sells Kupe interest

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Oilfield Technology,

New Zealand Oil & Gas and Mitsui E&P Australia have signed a sale and purchase agreement for Mitsui's 4% interest in the Kupe gas and light oilfield.

The transaction was announced in May and was subject to the Kupe joint venture participants’ pre-emptive rights and other consents and approvals. An NZX waiver was required for a transaction with a related party because the parties had previously been joint venture participants together in Kupe.

The other Kupe joint venture participants have not exercised pre-emptive rights, and the NZX waiver has been granted.

The transaction remains subject to other consents and approvals (including regulatory approvals).

The effective date of the transaction is 1 January 2017.

Kupe is offshore from South Taranaki. It comprises an offshore remotely-operated production platform, a pipeline and umbilical cable to shore, and an onshore production facility near Hawera. New Zealand Oil & Gas previously held 15% of Kupe, which it sold to Genesis Energy on 1 January 2017.

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

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