MINISTER CONSENTS TO AGREEMENTS WITH NZOGOFFSHORE TARANAKI...

MINISTER CONSENTS TO AGREEMENTS WITH NZOG
OFFSHORE TARANAKI BASIN, NEW ZEALAND
KEY POINTS:
? Sale and farmout agreements with NZOG in respect of PEP 51906, PEP 53473
and PEP 52593 have received Ministerial consent
? Sale and farmout agreements are therefore unconditional
? Octanex to receive the first tranche of an aggregate US$12,500,000 for the sale
to NZOG of a 12.5% carried interest in PEP 51906
Octanex N.L. (ASX Code: OXX) is pleased to advise that, further to the 27 November 2012
announcement of the sale and farmout agreements that were signed with New Zealand Oil
and Gas Limited (NZOG) (ASX code: NZO), the New Zealand Minister of Energy has
consented to these agreements and the transfers of participating interests to NZOG in the
three relevant permits.
Pursuant to the agreements, which are now unconditional, NZOG has acquired a
participating interest in three of the four offshore Taranaki permits held by Octanex, namely
PEP 51906, PEP 53473 and PEP 52593.
All four Octanex permits are displayed in the following Location Map of the Octanex Taranaki
Basin Permit Interests (Figure 1).
The agreements are a combination of a sale of a 12.5% carried interest in PEP 51906 and
farmins to acquire a 50% interest in each of PEP 53473 and PEP 52593.