Greymouth Petroleum to buy Taranaki well

Greymouth Petroleum has entered an agreement to buy the onshore Goldie well and an interest in the Ngatoro field in Taranaki from Indo-Pacific.

Greymouth chief of operations John Sturgess said the transaction, which had an effective date of July 1 this year, was for an undisclosed sum.

The company will buy all oil and gas from three onshore Taranaki oil and gas pools, together with rights to production from existing and new discoveries which are developed.

Greymouth also has agreed to buy Indo-Pacific's 5 per cent interest in which is Ngatoro.

Sturgess said Greymouth's purchases had authorities' consents and would be completed early this week.

The company also had an agreement to settle a time-consuming and expensive dispute with Indo-Pacific.

Indo-Pacific and Greymouth went to the High Court this year over ownership and development issues relating to the Goldie well.

- NZPA