Press Release by Greymouth Petroleum at 2:32pm, 27th March 2002
New Zealand owned and operated Greymouth Petroleum confirmed today that it has reached agreement with Shell to acquire Shell's 29.78 percent working interest in Petroleum Mining Licence PMP 38148, incorporating the Ngatoro oil and gas fields, for an undisclosed sum.
The assets purchased by Greymouth include interests in onshore producing oil and gas fields, comprising the Ngatoro Fields and the Goldie 1 well. The fields and their related facilities are located onshore in the Taranaki Basin, New Zealand.
Mark Dunphy, chairman of New Zealand-owned Greymouth Petroleum, noted, "We are delighted to be acquiring these additional interests from Shell."
The purchase requires approvals and consents from New Zealand regulatory authorities.
CURRENT GREYMOUTH INTERESTS
On 25 February this year, Greymouth announced it had reached agreement with Shell to acquire Southern Petroleum (Ohanga) Limited and Shell's interest in the Kaimiro oil and gas fields.
Greymouth also holds interests in two exploration permits in New Zealand including a 76 percent operated interest in the PEP 38464 block, in which Greymouth is undertaking a rejuvenation project on the Motoroa Oil Field, which was abandoned in the 1970's. Greymouth has a 100 percent interest in the Eastern Margin block PEP 38739, a large tract of Taranaki acreage, adjacent to numerous recent discoveries.
Together these permit interests total approximately 2,083 square kilometres stretching from coast to coast (north to south) in Taranaki.
ENDS
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