NZO 2.99% 65.0¢ new zealand oil & gas limited

new sale agreement

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    NZ Oil and Gas has just announced today (Wed 5/11/08) that it has reached an agreement with Vector Ltd for Vector to purchase NZOG's daily entitlement of Liquid Petroleum Gas (LPG) that will be produced from the Kupe field starting about mid 2009.

    NZOG's share will amount to approximately 15,000 tonnes of LPG per year. The agreement is for a period of 10 years and can be extended for a further 5 years after that.

    So NZOG has secured a long term contract for the sale of that commodity from Kupe.

    No financial details have been revealed but comments from David Salisbury indicate that he is happy with the agreement being reached.
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