Tui Area Oil Project
In early 2017, Tamarind Resources purchased 100% of the Tui area oil field offshore the west coast of the North Island of New Zealand in the Taranaki basin. As operator, Tamarind spent the next 2.5+ years ensuring safe operations and improving oil recovery. While the previous operator was beginning preparations to decommission the field, Tamarind sought to extend the field life through a three-well development program.
The drilling of the first well did not go as planned. Due to a combination of factors including the first well being a dry hole and substantial and debilitating time and cost over-runs, the directors elected to suspend the Tui drilling campaign in August 2019. In November 2019, the directors placed Tamarind Taranaki Limited (TTL, the operator of the Joint Venture) into a voluntary administration process to identify a way forward.
On 19 December 2019 just prior to a watershed meeting held by the voluntary administrator, OCP (Tamarind Group's secured lender) moved to place TTL into receivership to protect their interests. PwC was appointed receiver, and, subsequently, TTL was also placed into liquidation. In its capacity as receiver of the Tui JV entities, PwC will look to examine all options in an effort to realise a return for the secured lender. This may include resumption of operations and/or a possible sale or farm-down of the assets themselves.
The rest of the Tamarind Group is ring-fenced and unaffected by the above actions taken in respect of the Tui entities. This includes Tamarind New Zealand Onshore Operations (the acquisition which completed in September 2019), Tamarind’s 56% operating share in the Galoc field in the Philippines, and Tamarind’s various interests in Australia.
With OCP’s continued support, Tamarind’s management team and staff continue to work to optimize and grow the business.
All queries in relation to the above should be addressed directly to the receivers and their representatives whose contact details are provided below.
PwC
Pwcnz.restructuring@nz.pwc.com
The drilling of the first well did not go as planned. Due to a combination of factors including the first well being a dry hole and substantial and debilitating time and cost over-runs, the directors elected to suspend the Tui drilling campaign in August 2019. In November 2019, the directors placed Tamarind Taranaki Limited (TTL, the operator of the Joint Venture) into a voluntary administration process to identify a way forward.
On 19 December 2019 just prior to a watershed meeting held by the voluntary administrator, OCP (Tamarind Group's secured lender) moved to place TTL into receivership to protect their interests. PwC was appointed receiver, and, subsequently, TTL was also placed into liquidation. In its capacity as receiver of the Tui JV entities, PwC will look to examine all options in an effort to realise a return for the secured lender. This may include resumption of operations and/or a possible sale or farm-down of the assets themselves.
The rest of the Tamarind Group is ring-fenced and unaffected by the above actions taken in respect of the Tui entities. This includes Tamarind New Zealand Onshore Operations (the acquisition which completed in September 2019), Tamarind’s 56% operating share in the Galoc field in the Philippines, and Tamarind’s various interests in Australia.
With OCP’s continued support, Tamarind’s management team and staff continue to work to optimize and grow the business.
All queries in relation to the above should be addressed directly to the receivers and their representatives whose contact details are provided below.
PwC
Pwcnz.restructuring@nz.pwc.com