Tui JV and Tamarind Taranaki Limited Update

Prior to the watershed meeting convened on Thursday, 19 December, 2019 by Borelli Walsh, OCP, in its capacity as the Tamarind Group’s secured lender, appointed PwC as receivers over the 4 legal entities that own the Tui JV. This includes the operator of the field, Tamarind Taranaki Limited (TTL). 
 
TTL was placed into voluntary administration on 11 November 2019 with Borelli Walsh appointed as administrators.
 
Subsequent to the appointment of PwC as receivers, the creditors of TTL, as recommended by Borelli Walsh, voted to place TTL into liquidation.  The creditors appointed Borelli Walsh as liquidators.
 
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, including Tamarind New Zealand Onshore Operations, Tamarind’s 56% share in the Galoc field in the Philippines (where it is the Operator), and Tamarind’s various interests in Australia retain the continued support of OCP as the Group's key lender and are unaffected by the above actions taken in respect of the Tui entities.
 
The management team and staff continue to work to stabilise and grow the remaining 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