NZOG and Mitsui sign Kupe SPA By Martin Kovacs, 6 Jul 2017

New Zealand Oil & Gas (NZOG) has advised that it and Mitsui E&P Australia have signed a sale and purchase agreement for Mitsui's 4% interest in the Kupe gas and light oil field in the offshore New Zealand Taranaki Basin.

Announced in May, the transaction was subject to the Kupe joint venture participants’ preemptive rights, along with other consents and approvals, NZOG advised, with an NZX waiver required for a transaction with a related party, as the parties had previously been joint venture participants together in Kupe.

The Kupe joint venture participants have not exercised preemptive rights, and the NZX waiver has been granted, NZOG stated, while the transaction, which has an effective date of January 1, remains subject to other consents and approvals, including regulatory approvals.