Swift sells Kiwi scraps for $15m
US independent Swift Energy has sold for $15 million its remaining assets in
New Zealand to Auckland-based company Greymouth Petroleum.
The $15 million will be paid over 30 months after closing the transaction,
said Swift.
Upon closing, a non-cash gain of $12.8 million will be recorded to Swift.
The transaction is subject to certain New Zealand government approvals and
is expected to close within the next few months.
The assets include Swift’s 80% working interest in the Kowhai gas and
condensate discovery in the Taranaki basin.
Greymouth chief executive Mark Dunphy said: “The acquisition of the Swift
interest in the Kowhai discovery is a valuable addition to Greymouth’s gas
and condensate properties in the North Taranaki.”
The Kowhai discovery is adjacent to Greymouth’s Turangi production area, and
lies near to a number of other Greymouth permits. Greymouth already owned
20% of Kowhai.
Australia's Origin Energy is buying the bulk of Swift's New Zealand
business, and this is expected to close in the second quarter of this year,
said Swift.
07 May 2008 04:48 GMT
| last updated:
07 May 2008 09:47 GMT
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