New Zealand Energy Corp. has met the finance condition precedent required to acquire strategic upstream and midstream assets (the "Acquisition") from Origin Energy Resources NZ (TAWN) Limited, a wholly-owned subsidiary of Origin Energy Limited (ASX:ORG) (collectively "Origin"). The purchase price of approximately $33.7 million comprises a $6 million deposit from NZEC, $7.9 million from Subscription Receipts, $1.5 million directly from NZEC, and $18.25 million from L&M Energy Limited (L&M).

The assets are being acquired jointly by NZEC and L&M, and include the Tariki, Waihapa and Ngaere Petroleum Mining Licenses totaling 23,049 acres in the main Taranaki Basin production fairway, as well as the Waihapa Production Station and associated gathering and sales infrastructure (collectively, "TWN Assets"). On closing, NZEC and L&M will form a 50/50 joint venture to explore, develop and operate the TWN Assets.

Tags: New Zealand Energy Corp.