Caliera’s onshore Taranaki stake acquisition pending NZ approval

Shareholders of Kea Petroleum Ltd. have approved the sale of its 70% interest in PEP 51153 to Caliera Fund Ltd., a privately owned New Zealand company, according to MEO Australia Ltd., on behalf of its wholly owned subsidiary MEO New Zealand Pty Ltd. The sale is subject to New Zealand regulatory approval.

PEP 51153, located in New Zealand’s onshore Taranaki Basin, contains the Puka oil field (currently suspended) and the Shannon oil prospect. MEO elected not to exercise its preemptive right in purchasing Kea’s 70%, as it considers its current 30%, non-operating interest an appropriate risk-reward profile for this permit.

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