On 27 September 2018 GSNZ SPV1 Ltd completed the acquisition of interest and operatorship of the Ahuroa asset, located in the Eastern Taranaki Mobile Belt, from Contact Energy Ltd.Â  GSNZ has purchased the Ahuroa production permit, PMP 52278, as well as the Ahuroa Gas Storage Facility.  Contact Energy reported that it had reached the agreement to sell the asset in December 2017.Â  It was reported that the sale of the Gas Storage Facility was for NZD 200 million.Â  The deal was subject to relevant authority approvals, but was completed as planned, being expected to be finalized before end 2018.Â  It was reported that Contact Energy has retained the right to use the facility for future needs.  The Ahuroa production permit contains the Ahuroa UGS field, which was discovered in 1987.Â  It is a gas and condensate producing field, that also has an underground gas storage element to its development, which commenced activity in 2011.  PMP 52278, which covers an area of 11 sq km, was awarded on 16 December 2010.Â  It is scheduled to expire in December 2050.Â  GSNZ SPV1 Ltd now holds 100% interest and operatorship of the permit.
GSNZ SPV1 completed the acquisition of interest and operatorship of the Ahuroa asset (Ahuroa production permit, PMP 52278) from Contact Energy.