Oz Malbana Exits New Zealand

Australia’s Melbana Energy said October 19 that it has executed an agreement to exit from New Zealand and will now focus on its core areas of operation.

Malbena has executed a binding agreement for the sale of its 30% interest in the New Zealand Permit PEP51153 to current operator and joint venture participant CX Oil, a subsidiary of Tag Oil, for A$100,000. The permit is located onshore New Zealand at the Taranaki Basin.

The divestment enables Melbana to further concentrate its resources on its high-impact Cuban and Australian assets ahead of expected significant increase in activity levels, it said. The sale is subject to regulatory approval.