Austral Pacific farewells PNG stakes
New Zealand independent Austral Pacific Energy has agreed to sell its stakes
in two petroleum retention licences (PRLs) in Papua New Guinea to
Australia’s Horizon Oil.
Austral Pacific said it would sell its 28.92% stake in PRL 4 and its 10.7%
interest in PRL 5 to Horizon to allow it to reduce an outstanding $18.7
million on a loan from merchant bank Investec.
The company said it hoped to reduce the loan balance to $11 million by the end
of May.
Austral Pacific chief executive Thom Jewell said the move would help the
company reduce its debt profile, strengthen its balance sheet and focus on
its core assts including the Cheal and Kahili onshore gas fields in New
Zealand and the Cardiff appraisal project in the country.
26 March 2008 03:23 GMT
| last updated:
26 March 2008 03:23 GMT
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