Brief: Vector Ltd To Sell Kapuni Gas Treatment Plant To Todd Petroleum Mining

Vector

02/12/2019 21:49

Dec 3 (Reuters) - Vector Ltd  VCT.NZ :
    * AGREED TO SELL VECTOR'S KAPUNI GAS TREATMENT PLANT TO TODD
PETROLEUM MINING COMPANY LIMITED
    * VECTOR STAFF AT KAPUNI GAS TREATMENT PLANT WILL TRANSITION
TO
TODD EMPLOYMENT
    * CO & TODD TO TERMINATE EXISTING KAPUNI GAS CONTRACT &
ENTER INTO
NEW LONG TERM AGREEMENTS FOR SUPPLY OF NATURAL GAS & LPG FROM
TODD TO CO
    * WILL TRANSFER KAPUNI GAS TREATMENT PLANT & ASSOCIATED
ASSETS IT
OWNS TO TODD, INCLUDING ITS 50% SHARE IN KAPUNI ENERGY JOINT
VENTURE
    * VECTOR & TODD ENTER INTO NEW LONG TERM AGREEMENTS FOR
SUPPLY OF
NATURAL GAS & LPG FROM TODD TO VECTOR; TO COMMENCE FROM 2021
    * TODD WILL PAY CONSIDERATION FOR ACQUISITION OF KAPUNI GAS
TREATMENT PLANT AND ASSOCIATED ASSETS OVER LIFE OF KAPUNI FIELD
    * IMPACT TO FINANCIALS FROM DEAL IS EXPECTED TO NOT BE
MATERIAL IN
SHORT TERM
    * AS PART OF TRANSACTION, PARTIES HAVE AGREED TO SETTLE ALL
CURRENT LITIGATION RELATED TO KAPUNI GAS AS AT COMPLETION

Source text for Eikon:  ID:nNZWb26qvQ 
Further company coverage:  VCT.NZ 

 ((Reuters.Briefs@thomsonreuters.com;))