Tamarind gets Tui flavour

SYDNEY-based oiler AWE has sold its 57.5% interest in the Tui Area oil fields in New Zealand’s Taranaki Basin to Malayasia-based Tamarind Management.

The sale, which is described as the last step in AWE's divestment plan, will see the Asian firm take operatorship of the three-field project, which started production last decade and was a cash generating machine during the peak days of $100 oil, exceeding all of AWE's initial hopes.
 
The deal, which is contingent on consents from the New Zealand Government and the Tui Area partners, Pan Pacific Petroleum (15%) and New Zealand Oil & Gas (27.5%), will see AWE pocket just $US1.5 million ($A2 million).
 
AWE will not only transfer its stake in the Tui, Amokura and Pateke abandonment liabilities, but all assets and inventory, AWE's oil hedge book valued around $3 million, and a working capital cash balance of $10.8 million....

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