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Studied: Power Engineering, Exploration Technology, Worked Upstream, Midstream, Downstream in Oil and Gas, Pipelines, Drilling, Refineries. Regardless of our desire for clean energy, oil makes things and is the building block of any economy. From production to transport to refining its the... More
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  • Taranaki Offshore TUI - AWE, NZOG, PPP Joint Venture PMP 38158 6 comments
    Dec 6, 2013 9:06 PM | about stocks: AWWEF, PPPLF, NZEOF

    Taranaki is heating up offshore as 3 players move in to drill "TUI".

    I will revisit this in Q2 2014, for now here is the quick and dirty.

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    TUI OFFSHORE 2014:

    The Joint Venture partners in PMP 38158 are:
    Pan Pacific Petroleum NL (via subsidiary) 15.0%
    AWE Limited (via subsidiaries) (Operator) 57.5%
    New Zealand Oil & Gas (via subsidiary) 27.5%

    Two wells are being drilled within the Tui permit.

    The Oi well is scheduled to spud in late 2013. It will test an independent structural closure to the northeast of the Tui, Amokura and Pateke fields.

    The Pateke 4H well is scheduled to be drilled immediately following Oi, in January 2014. Pateke is a northern extension of the field that is not being fully exploited by the current producing well, Pateke 3H.


    Shares on Issue: Issued Shares: 522,116,985 (as at 30 September 2013)
    Unlisted Options: 512,500
    Cash share rights: 9,908,045
    Listings: Listed on the Australian Stock Exchange (ASX:AWE)
    Market Capitalisation: $647.4 million (as at 30 June 2013

    NZOG: LINK to shares Link to Presentations

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    MITSUI E&P Australia Pty Ltd.

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    New Zealand Oil & Gas has exploration acreage in New Zealand's only hydrocarbon-producing region, the Taranaki Basin.

    PEP 55793 (Vulcan) Was awarded to New Zealand Oil & Gas in the New Zealand Government's 2013 Block Offer on 5 December 2013 Map of PEP 55793 (Vulcan)
    PEP 55792 (Galleon) Was awarded to New Zealand Oil & Gas in the New Zealand Government's 2013 Block Offer on 5 December 2013 Map of PEP 55792 (Galleon)
    PEP 55794
    Was awarded to New Zealand Oil & Gas in the New Zealand Government's 2013 Block Offer on 5 December 2013 Map of PEP 55794
    PEP 52593 (Taranga)

    New Zealand Oil & Gas 50% (Operator), Octanex 50%

    PEP 52593 covers 3509 square kilometres in offshore Taranaki lying immediately adjacent to the north of the Takapou permit (PEP 53473) and north of the producing Tui field in the developing Western Taranaki fairway.

    269 square kilometres iof 3D seismic data over the permit's Karoro prospect was obtained in April 2013.

    Map of PEP 52593 (Taranga)
    PEP 53473 (Takapou)

    New Zealand Oil & Gas 50% (Operator), Octanex 50%

    PEP 53473 is adjacent to the north of the Tui oil field in offshore Taranaki's Western fairway.

    Two previous unsuccessful wells have, Takapou-1 and Kopuwai-1, have been drilled in the permit. Interpretation of reprocessed 2D seismic data has identified a number of prospects and leads across the 853 square kilometre block.

    A 3D seismic survey covering 593 square kilometres was completed in April 2013. It included the Kokako prospect, which is a structural closure at the "F Sands" level productive in the Tui area fields.

    Map of PEP 53473 (Takapou)
    PEP 51906 (Matuku)

    New Zealand Oil & Gas 12.5%, OMV 65% (Operator), Octanex 22.5%

    Permit 51906 is adjacent to three producing fields; the Maui gas/condensate field to the east, Tui oil field to the north-east and Maari to the south.
    The Matuku prospect in the permit will be drilled in the second half of 2013 using the semi-submersible drilling rig Kan Tan IV. The well is expected to take 40 days to drill to a target depth of 4756 metres.

    The operator, OMV, has publicly estimated mean recoverable resource for the Matuku prospect at around 65 million barrels.
    If Matuku-1 is successful, New Zealand Oil & Gas has an option to acquire a further 5 per cent of Octanex's share, which would equalise each company's interest at 17.5 per cent.

    Map of PEP 51906 (Matuku)
    PEP 52181 (Kaheru)

    New Zealand Oil & Gas 35%, TAG Oil 40%, Beach Energy 25%

    The Kaheru prospect lies in 25 metres of water, 8 kilometres from shore to the east of the Kupe gas and oil field. It is on trend with the producing onshore Rimu and Kauri fields.
    Preparations are well underway for an exploration well to be drilled in the Kaheru prospect using a jack-up rig.

    The Kaheru prospect is a long-recognised structure with the potential to extend the producing trend southward. 3D seismic coverage and advanced processing undertaken by the joint venture has enhanced the structural imaging. Mean recoverable reserves (unrisked) are estimated at 45 million barrels (mmbbls) of oil in an oil case; or 200 billion cubic feet (bcf) of gas and 7.5 mmbbls of condensate in a gas case.

    Map of PEP 52181 (Kaheru)
    PEP 54867 (Manaia)

    New Zealand Oil & Gas 40%, NZEC 60 per cent, Operator.

    The permit was awarded in the New Zealand government's 2012 Block Offer. It covers about a hundred square kilometres in the central part of South Taranaki adjacent to the coast.
    There has been only limited exploration in this extensive tract and no wells have been drilled in it.

    The joint venture is planning to acquire 70 kilometres of 2D seismic data.

    Map of PEP 54867 (Manaia)
    PEP 54857 (Waru)

    New Zealand Oil & Gas 100%

    PEP 54857 was awarded in December 2012 in the New Zealand Government's Block Offer.
    It is off shore Taranaki's south coast covering around 525 square kilometres north of NZOG's Kakapo prospect in PEP 51311. No wells have been drilled in this permit. The block lies within the source kitchen for the Maui and Maari oil and gas fields.

    Work has begun to re-interpret extensive existing seismic data and design a 400 kilometre 2D seismic survey, which is scheduled to be shot within a two-year period.

    Map of PEP 54857 (Waru)
    PEP 52717 Clipper

    New Zealand Oil & Gas 50% (Operator), Beach Energy 50%

    The permit is off the Canterbury Coast. Today the Canterbury and Great South Basin system is the major focus for frontier conventional oil and gas exploration in New Zealand, with drilling in an adjacent permit scheduled for early next year.

    The former PEP 38259, containing the Barque prospect, was relinquished by New Zealand Oil & Gas and Beach in August 2012 ahead of a drilling commitment. In 2013 Beach was granted an extension to PEP 52717 that largely incorporates the Barque structure and a related lead, which is mapped to extend across the previous southern boundary of the permit. An area of low prospectivity in the northwest of the original permit was surrendered so as to approximately maintain the overall area of the permit.

    Extensive 2D seismic surveys were conducted in the Canterbury Basin in the 1970s and 1980s before the only existing well in the block, Clipper-1, was drilled by BP in 1984, recovering samples of hydrocarbon gas during wireline logging from a depth of over 4000m.

    The joint venture will acquire at least 600 square kilometres of 3D seismic by October 2014.

    Map of PEP 52717 (Clipper)
    PML 38146 (Kupe)

    New Zealand Oil & Gas 15%, Origin Energy 50% (Operator), Genesis 31%, Mitsui 4%

    This Petroleum Mining Licence permit includes the Kupe Central Field.

    The ongoing strong performance of the Kupe wells means the timetable for second stage development has been deferred for up to several years. While assessment of un-drilled prospects within the licence area continues, these future exploration targets are unlikely to be tested until second stage development begins.

    Map of PML 38146 (Kupe)

    PMP 38158 (Tui)

    New Zealand Oil & Gas 12.5%, AWE 42.5% (Operator), Mitsui 35%, Pan Pacific Petroleum 10%

    This Petroleum Mining Permit includes the producing Tui area oil fields.

    The Tui Joint Venture is evaluating the scope for further in-field and/or near-field drilling which might be undertaken when a suitable semi-submersible rig is available in New Zealand waters.

    Pan Pacific Petroleum NL, (PPP) is an ASX and NZX listed oil and gas exploration and production company participating in non-operated interests in New Zealand (including production from the Tui Area Fields), Australia, Vietnam and Timor Leste-Australia Joint Petroleum Development Area.

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    6 December 2013

    Tui JV partners complete purchase of additional Tui interest
    Pan Pacific Petroleum NL (NYSE:PPP), is pleased to announce that it has completed the purchase of an additional 5% interest in the Tui area oil project located offshore New Zealand in PMP 38158, from Mitsui E&P Australia Pty Limited.

    PPP purchased the additional interest in Tui for a consideration of USD2.143 million. The transfer of interest was approved by the New Zealand Minister of Energy and Resources and the effective date of the transaction is 1 October 2013.

    Tui has been a very successful project and PPP is extremely pleased to have secured an additional stake in Tui production and increased its exposure to the planned Pateke-4H appraisal/development well. PPP elected not to increase its existing 50% participation in the Oi exploration well which will be drilled following Pateke-4H; as part of the purchase agreement Mitsui's interest in Oi has been assigned to subsidiaries of AWE Limited and New Zealand Oil & Gas.

    The acquisition of an additional 5 % interest in PMP38158 followed by the two well drilling program which is expected to start in the early part of 2014 is very significant for PPP, particularly the drilling of the Oi prospect which PPP considers a very attractive opportunity.
    PPP's 50% participating interest in the Oi exploration well is subject to the Sole Risk provisions of the Tui Joint Venture Operating Agreement.

    These provide an option for restoration of PEP38158 equities subject to reimbursement of pro-rata costs and the payment of a buy back premium to PPP by the buy-back parties.

    The Joint Venture partners in PMP 38158 are:
    Pan Pacific Petroleum NL (via subsidiary) 15.0%
    AWE Limited (via subsidiaries) (Operator) 57.5%
    New Zealand Oil & Gas (via subsidiary) 27.5%

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    Tui Area Oil Fields

    PMP 38158, offshore Taranaki Basin

    PPP equity
    10% held through wholly owned subsidiary W M Petroleum Ltd

    AWE 42.5%

    Other partners
    Mitsui 35%, NZOG 12.5%

    2P Ultimate reserves recoverable from existing infrastructure
    41 MMbbls.

    2P reserves remaining recoverable from existing infrastructure 31 December, 2012
    6.9 MMbbls, or 6.4 MMbbls excluding 0.5 MMbbls fuel oil, net 640,000 barrels to PPP.

    First production
    30 July 2007

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    The Tui Area Oil Project constitutes three fields, Tui, Amokura and Pateke, which started production on 30 July 2007 and produce from four horizontal wells flowing to a permanently moored Floating Production Storage & Offloading vessel ("FPSO"), the Umuroa. The oil is processed on the Umuroa before being exported via export tankers destined for refineries on Australia's eastern seaboard.

    By 31 December 2013 the Tui Area Fields had produced 34.1 million barrels (PPP 3.4 million barrels), exceeding the total pre-production reserves estimates in less than 3 years. A total of 0.912 million barrels of oil (PPP 91,259 barrels) was produced in the 6 months to 31 December 2012, averaging 4960 barrels per day (PPP 496 barrels per day) over the half-year.

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    The operator, AWE, has completed an assessment of remaining exploration potential based on reprocessed 3D seismic data which included inversion studies. After due consideration, the JV have agreed to drill the Oi prospect planned for Q4 2013.

    This is a 4-way dip closure similar to the structures at the Tui, Amokura and Pateke Fields, which is estimated by PPP to contain mean recoverable prospective resources of 15 million barrels of oil. In the event of a commercial discovery the field will be produced by connecting to the Tui FPSO and using its spare capacity at relatively low incremental operating costs. PPP has increased its participating interest in the Oi exploration well to 50% pursuant to the Sole Risk provisions of the Tui Joint Venture Operating Agreement. AWE and Mitsui have elected to participate in the Oi exploration well at reduced participating interest levels of 25% and 12.5% respectively, but in the case of success have the option to restore their full Tui participation equity by reimbursing pro rata costs and paying a back-in premium to PPP.

    Tui Area Oil Project Production and Appraisal Drilling

    The Tui Area Oil Fields comprise three accumulations, the Tui, Amokura and Pateke Fields. Production started on 30 July 2007 with oil flowing to the Umuroa, a permanently moored Floating Production Storage and Offloading vessel ('FPSO'), via four horizontal wells. Hydrocarbons are processed on the Umuroa before being exported.

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    New Zealand Interests (PMP 38158 Tui Area Fields)

    Total field oil production for the financial year 2012-13 was 1.66 million barrels (PPP share 166,765 barrels. Life of field production to date is 34.85 million barrels (PPP share 3.48 million barrels). The operator, AWE, estimates an ultimate gross field recovery of 41 million barrels (2P) of which 6.1 million barrels, net 5.6 million barrels (Company share 0.56 million barrels) remain after deducting a provision of 0.5 million barrels for oil which may be burned as fuel on the FPSO (fuel oil). The crude oil burning facility on the FPSO is expected to be commissioned and brought into service in October 2013. This use of oil for fuel is required due to the inevitable reduction in the amount of associated gas available for fuel as oil production declines.

    The sales benchmark for the Tui crude price is linked to Platts Dated Brent pricing with term sales during the year achieving an attractive premium to Brent reflecting the high quality of the product.

    Infill development drilling studies aimed at optimising recovery based on static and dynamic modeling of reserves and production have identified the potential for additional recovery at Pateke. The northern structural lobe, Pateke North, was not penetrated by the current horizontal production well, and the joint venture has approved an appraisal/development infill well, Pateke-4H, to test this lobe with possible additional oil recovery in the range of 2-4 million barrels gross. Pateke-4H drilling is planned for December 2013 using the recently upgraded Kan Tan IV semi-submersible rig which is currently in New Zealand waters drilling for third parties.

    In a success case Pateke-4H will be completed using the Kan Tan IV drilling rig before its release with a subsequent tie-in to the Tui facilities scheduled for late 2014 with first oil forecast in early 2015.

    Pan Pacific's 50% Participation in Planned Oi Exploration Well
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    Tui Near Field Prospects

    The Oi prospect, an attractive exploration target in the Tui area, is scheduled to be drilled by the Kan Tan IV in November 2013, before the drilling of the Pateke-4H appraisal well. The Oi structure is a 4-way dip closure similar to the structures at Tui, Amokura and Pateke.

    The Board of Pan Pacific Petroleum has reviewed the Oi prospect and in view of its attractive potential has authorised an increase in PPP's participating interest in the proposed well to 50% pursuant to the Sole Risk provisions of the PMP 38158 Joint Venture Operating Agreement.

    Joint Venture participants AWE and Mitsui have elected to participate in the Oi exploration well at reduced participating interest levels of 25% and 12.5% respectively, with AWE remaining as Operator. New Zealand Oil & Gas, the other Tui participant, will contribute at its existing interest level of 12.5%.

    If the drilling of the Oi well proves successful, both Mitsui and AWE have the option to increase their entitlement to oil production from Oi to their existing Tui Joint Venture participating levels subject to their reimbursement to the Company of pro-rata costs, together with an additional payment to the Company in the form of a buy back premium. In that event the Company's interest in Oi would return to 10%.

    The Oi exploration well is targeting the same producing reservoir (F10 sandstone) as the producing wells in the Tui complex and is estimated by the Company to contain mean recoverable prospective resources of 15 million barrels of oil. In the event of a commercial discovery the field will be brought into production by connecting to and using spare capacity available on the existing FPSO, the Umuroa, at relatively low incremental operating costs.(click to enlarge)

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Comments (6)
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  • tonyconnolly
    , contributor
    Comments (665) | Send Message
    Hi Tullii, what do you think of NZOGs prospects vs NZECs? tc
    20 Jan 2014, 05:59 PM Reply Like
  • tullii
    , contributor
    Comments (168) | Send Message
    Author’s reply » Not to give a wishy washy answer but I haven't studied NZOG closely offshore and can only compare Taranaki onshore plays.


    In Taranaki i think NZEC has more immediate term developments. The Quick reply is NZOG has more cash, and is nearly 10x the capitalization of NZEC, but NZEC is debt free and will be adding production quarter to quarter going forward.


    TUI Offshore is compelling but still considered exploration, KUPE is where the cash is flowing in from at NZOG now. NZOG paid a $0.03 dividend, and has more corporate history than NZEC. NZEC is younger and hasn't had cash to pay a dividend due to its newer status.


    NZEC is less risk onshore from a developmental cost standpoint, and capex spending viewpoint but NZOG and NZEC are not really easy to compare other than within Taranaki.


    The safer bet would perhaps be ORIGIN ENERGY as they are partnered with both NZOG offshore and NZEC onshore (If you like near term offshore potential of NZOG for the TUI project upside you could get a piece of that via Origin as they have 15% stake, and if you like Waihapa at NZEC you get around 9% of that via origin royalty deal with NZEC)


    Onshore NZEC has 50% of the Waihapa which is just starting production, I would watch the Feb 7 (near that date) update and hold some NZEC if the numbers have improved from January. Long Term NZEC has some real catalysts that could launch it into a bigger market cap, but you need to let the $ sit parked for enough time to let these things get going on both sides of the island.


    I would not hesitate holding Origin Energy, but with the others the markets are really waiting to confirm they can do what they pitch in their plans, and so far it's been mediocrity for shareholders.


    Example: You could buy 1 share of NZEC with what Origin paid in its last dividend of $0.25/ORIGIN Share, and so suppose you had 1000 shares of Origin last Sept. you could have used those dividends to enter into NZEC with a small stake. Longer term those dividends make sense, nobody was paid to wait on several New Zealand Oil companies last year, so getting paid while you wait is necessary to consider.


    Origin Energy Dividends Paid Last Year.
    Date Paid Cents per share Franking DRP Price
    27-Sep-13 25.0 0%. $13.9681
    04-Apr-13 25.0 100% $12.7305


    For the price of $0.25 NZEC holds some great permits and as long as you understand the risk reward of the plays you are getting into it's got to be worth consideration for a risky portion of your investment portfolio.


    The real value of NZEC could be east coast, as they originally founded the company based on the East Coast, but then financing exploration became a consideration and it evolved into acquiring Waihapa,as a hope towards using taranaki oil production to help drill east coast wells.


    NZOG has other assets in Indonesia that spreads their risk around.


    In order of favor at this time I would say ORG, NZOG, NZEC
    but 6 months from now I might have had it exactly backwards "IF" NZEC delivers on its promises.
    20 Jan 2014, 08:04 PM Reply Like
  • tullii
    , contributor
    Comments (168) | Send Message
    Author’s reply » Matuku-1 Probe in Taranaki Basin Disappoints OMV
    JANUARY 16, 2014
    EXPLORATION,REGION - AUSTRALIA/NZ Octanex announced that OMV-operated Mataku-1 exploration well in PEP 51906 off Taranaki Basin has not encountered any significant gas or oil shows in its primary target. The well will be plugged and abandoned after being drilled to its programmed total depth of 4,750m. PEP 51906 ownership: OMV (65%, operator), Octanex (22.5%) and NZOG (12.5%).View Octanex press release
    23 Jan 2014, 03:51 PM Reply Like
  • tullii
    , contributor
    Comments (168) | Send Message
    Author’s reply » Radio New Zealand discusses Oil Exploration potential in NZ.


    East Coast Basin discussed around the 3min 40sec mark.


    Fracking, Jobs, Pros and Cons, Dannevirk wells all discussed.




    or Fracking, Fuels and Friction


    1 Feb 2014, 10:12 PM Reply Like
  • tullii
    , contributor
    Comments (168) | Send Message
    Author’s reply » FEB 10, 2014 TUI APPRAISAL UPDATE


    12 Feb 2014, 08:53 PM Reply Like
  • tullii
    , contributor
    Comments (168) | Send Message
    Author’s reply » Pateke-4H begins drilling


    12:05pm, 10 Feb 2014 | MINE
    The Kan Tan IV semi-submersible drilling rig has began drilling the Pateke-4H well in PMP 38158 at 10.45AM (New Zealand daylight time) yesterday, the operator has advised.


    At 06:00AM today a 36” hole had been drilled to a depth of 234 metres. Preparations are being made to run and cement a 30” conductor.


    Pateke-4H is a northern extension of the existing Pateke reservoir in the producing Tui area oil fields, approximately 50km off the coast of Taranaki, New Zealand, in water depth of about 124 metres.


    Pateke-4H is expected to take around two months to drill to a planned total measured depth of 5,361 metres, including a 1,271 metre horizontal section.


    The operator’s pre-drill estimate is of an un-risked 2C Contingent Resource of 2.5 million barrels for the joint venture, or 687,500 barrels net to New Zealand Oil & Gas. (The resource information was estimated using a deterministic methodology, based on the Pateke reservoir simulation model and the evaluation is current. This report is based on information compiled by Andrew Jefferies, Vice President of Operations and Engineering at New Zealand Oil & Gas. Mr Jefferies is a Society of Petroleum Engineers Certified Petroleum Engineer.)


    In the event that commercial volumes are discovered the well will be completed and later tied into the existing Tui production facilities. Production of first oil would be in the first half of 2015 or later


    In October last year New Zealand Oil & Gas increased its interest in the field from 12.5 per cent to 27.5 per cent. The other Tui joint venture partners are: AWE Limited 57.5% (Operator); and Pan Pacific Petroleum 15%.


    Pateke is one of three separate accumulations of oil developed in the Tui Area Oil Fields - Tui, Amokura and Pateke.


    The Tui oil accumulations are in Kapuni-F sandstones, deposited during the Paleocene epoch 66 to 56 million years ago in the 'Kapuni' shoreface (shallow marine) fairway. The reservoir is at a depth of around 3,650 metres subsea.


    Organic-rich shales and coals of the Late Cretaceous (145 to 66 million years ago) and Paleocene are the likely sources of the oil. The oil may have orginated from a source kitchen deep within the Taranaki basin, possibly the East Maui Graben to the east of Tui.


    Vertical migration occurred through faults and fractures and then laterally via sandstone carrier beds, finally accumulating in Paleocene sandstone reservoirs within structural trap closures.


    The structural traps are low relief, dip-closed features. The reservoirs are clean, laterally extensive, high permeability marine sandstones, with the oil accumulations overlying strong aquifer drives.


    The aim of the Pateke-4H well is to explore a northern extension of the Pateke lobe that geologists believe may not be fully exploited by the current producing well, Pateke-3H.


    The theory being tested is that the reservoir in the Pateke structure is separated into two areas, and that Southern area was drained by the 3H well in the early stages of the Tui development, while the northern may not have been and is the target of the 4H well. (See diagram)


    The well will be drilled horizontally because the reservoir is thought to be over 1000 metres wide but less than ten metres deep, which reduces the ability of a vertical well to recover efficiently.


    The Tui-1 well, drilled in February 2003, encountered a 10 metre oil column in excellent quality reservoir. A marine seismic survey was carried out over 250 square kilometres in April 2003 to delineate the Tui field accumulation and other nearby structures.


    Based on the 3D seismic mapping, further exploration wells were drilled on nearby structures similar to the Tui field during 2004. The Amokura-1 well was drilled in April 2004, and encountered a 12 metre oil column. The Pateke-2 well was drilled in August 2004 and also encountered a 12 metre oil column.


    Production from the Tui fields began on 30 July 2007 and is expected to continue until around 2020. To date the field has produced over 30 million barrels of oil.


    The Tui development comprises four horizontally drilled and subsea completed wells.
    The extended horizontal production sections in the oil reservoirs range from 819 metres to 1,850 metres. Each is tied back to a leased Floating Production Storage and Offtake (FPSO) vessel, the Umuroa. In May 2008 an agreement was signed extending the charter of the Umuroa through to 2015, with one year rights of renewal until 2022.


    John Pagani,
    External Relations Manager,
    DDI: +64 4 471 8333, MOB: +64 21 570 872
    12 Feb 2014, 08:55 PM Reply Like
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