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Greymouth acquires Swift’s Kowhai onshore Taranaki discovery
12 June 2008, Source: Greymouth Petroleum and Lindsay Clark - Auckland-based private petroleum explorer Greymouth Petroleum has bought the remaining portion of Swift’s New Zealand oil and gas assets from Swift Energy Corporation.
The purchase includes a 80% working interest in the Kowhai gas condensate discovery within PEP 38742 in onshore north Taranaki, next to Greymouth’s Turangi mining permit.
Swift Energy said it has sold the remaining assets for US$15 million after earlier selling the bulk of its assets to Origin Energy and Contact Energy. Closing of both transactions are expected to occur within the next few months.
Mark Dunphy, Greymouth CEO said: “The acquisition of the Swift interest in the Kowhai discovery is a valuable addition to Greymouth’s gas and condensate properties in the north Taranaki.”
The Swift acquisition follows the Q4, 2007 purchase by Greymouth of Petrochem Ltd, which holds the remaining 20% working interest in the Kowhai gas condensate discovery.
Greymouth said it expects Kowhai gas will be offered for sale as spot gas in the market.
Mr Dunphy said the markets for spot, excess and shortfall gas have continued to grow and will develop further in 2008.
Greymouth’s gas supplies contribute to the operations of Greymouth Power, which is actively engaged in the construction of combined heat and power facilities and distributed generation and peaking plants in various locations.
Greymouth Petroleum holds the Turangi, Kowhai, Moturoa, Kaimiro, Ngatoro, Surrey, Windsor and Radnor oil and gas fields in onshore Taranaki.
Greymouth holds additional exploration properties in the onshore and offshore Taranaki Basin and the Great South Basin in New Zealand, as well as the very south of Chile.