Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Sale of Kotuku Permit to Mosman Oil and Gas Limited

Sale of Kotuku Permit to Mosman Oil and Gas Limited

Further to the announcement of 9 July, Aorere Resources is pleased to advise that the condition to the sale of Petroleum Exploration Permit 38526 has been satisfied. The condition related to New Zealand Petroleum and Minerals approving the proposed transfer.

As a result Aorere Resources has today completed the sale of the permit to Petroleum Creek Limited, a wholly owned subsidiary of Mosman Oil and Gas Limited. Aorere Resources has, in return, been issued a 40% shareholding in Petroleum Creek.

Aorere Resources has also granted a call option over the Petroleum Creek shares to Mosman. Under the call option Mosman can issue a call notice to acquire the Petroleum Creek shares from Aorere Resources. The consideration to be provided to Aorere Resources under the call option is:

• The issue of $900,000 of shares in Mosman at an issue price of A$0.10 per share; and

• The grant of a 2% royalty of net sales revenue deriving from the permit.

Mosman has today also given a call notice and exercised the call option. Completion of the all option is expected this Friday. A further market announcement will be made at this time.

Aorere Resources Chairman Mr. Dene Biddlecombe said “we are very pleased to complete this first stage of our partnership with Mosman through Petroleum Creek. We see substantial potential benefits to the West Coast of the South Island as we believe that this deal ensures significant investment in the petroleum sector there in the future”.

Mosman is an unlisted Perth based company that plans to list on the London AIM stock exchange early in 2014. Mosman is acquiring exploration areas in NZ, Australia and Papua New Guinea.

The Chairman of Mosman, Mr. John Barr said "we are very pleased to achieve this important milestone in our NZ business. Mosman plans to drill several wells in this very prospective area in 2014. Our objective is to be the first commercial oil producer in the South Island.

We hope this will bring investment and jobs to the West Coast area, and we appreciate the positive reception by all stakeholders"

ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news