NZEC will buy the onshore Tariki, Ahuroa, Waihapa and Ngaere fields, in licence areas PML 38138, PML 38139, PML 38141 and PML 38140, as well as the Waihapa production station for the cash consideration and a 5% gross overriding royalty on future production.
Origin will also retain an option for 10 years to use eight wells within the fields for gas storage, as well as keeping 50% of production rights from a development well on the Waihapa licence to be funded by NZEC.
The
