Sydney-based Horizon Oil Ltd (ASX: HZN) has confirmed it has increased its equity in the Maari-Manaia offshore field in New Zealand’s Taranaki Basin.
Horizon confirmed on Friday it was taking up Todd Maari Ltd’s 16% stake in PMP 38160, which contains the producing field.
Consideration for this equity was $US17.6 million, with the completion payment offset by net working capital adjustments on and from the effective date of December 31, 2017.
These adjustments include sales proceeds from pre-completion liftings, production and capital costs and one-off oil and material inventory acquisition costs.
Horizon said these adjustments reduced the completion payment to $US16.8 M, with the assignment from Todd of post-completion sales proceeds of $US3.7 M in respect of a May 2018 lifting, resulting in a net aggregate payment of about $US13.1 M from the acquired interest.
Equity holdings in the production field were now OMV NZ Ltd 69% (operator), Horizon Oil 26% and Cue Taranaki Pty Ltd 5%.
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