Shell Sells TAWN Assets To Swift Energy

Tuesday, 4 December 2001, 10:33 am
Press Release: Shell New Zealand

Shell Managing Director (Exploration and Production) Dr Lloyd Taylor today announced that Shell had reached agreement to sell its 96.76% interest in the TAWN oil and gas fields and associated production facilities and licence areas to Swift Energy of the United States.

In addition to a cash payment, Shell has also received from Swift the rights to acquire interests in several prospective oil and gas properties in New Zealand.

The assets were acquired by Shell through the acquisition of Fletcher Challenge Energy earlier this year. At that time, Shell gave an undertaking to the New Zealand Commerce Commission to divest certain FCE assets, including the TAWN properties.

“This sale is a further step in the divestment of assets by Shell in accordance with that undertaking,” Dr Taylor said.

“We anticipate that most of the staff associated with the management of the TAWN fields will be absorbed into Swift’s operations in New Zealand. Shell and Swift are working with staff to ensure fair treatment of all staff affected by this sale.”

The sale is expected to close by January 2002, and the hand over of the assets to be complete shortly thereafter.

Dr Taylor said Shell was proceeding with the divestment process and more announcements could be expected over the next few weeks.

ENDS

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