Genesis Energy: no connection to Austral-Pacific

Genesis Energy has no equity connection to Austral-Pacific

Genesis Energy has no financial exposure to the receivership of Austral Pacific, a joint venture partner with Genesis Energy in the Cardiff Gas Prospect in Taranaki.

A statement released last night by Labour Energy Spokesperson, Charles Chauvel, said Genesis Energy was “a major investor in oil production company Austral- Pacific”.

Genesis Energy confirmed today that it was not an investor in Austral-Pacific and had no equity connections to the company, which was placed in receivership in May 2009.

Genesis Energy and Austral-Pacific had formed an unincorporated joint venture to explore a deep gas prospect south of Stratford in Taranaki. A well was drilled and potential reserves of gas were tested in 2006 and 2007. Any financial obligations to the joint venture relate to future work within the Cardiff joint venture, which are not expected to be substantial. Funds remain within the joint venture to cover this work.

ENDS

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