Deals - Acquisition, Mergers, Divestitures
New Zealand Energy Inks East Coast Exploration JV
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New Zealand Energy Corp. is pleased to announce that the Company and its wholly-owned subsidiary, NZEC Wairoa Limited (collectively NZEC), have entered into a binding agreement with Westech Energy New Zealand, a wholly-owned subsidiary of Energy Corporation of America. Pursuant to the terms of the agreement, NZEC will enter into a joint venture agreement with Westech whereby NZEC can acquire 80% ownership and become the operator of Petroleum Exploration Permit 38346, covering 267,862 acres (1,084 km2) in the East Coast Basin of New Zealand's north island.
In consideration for the transfer of the 80% interest, NZEC will immediately assume 100% responsibility for the permit and completion of the related work program and will pay Westech US$725,000. Upon completion of the related work…
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